글로벌 채택을 위한 스테이블코인 우선 결제 레일 — Neura와의 인터뷰

원문 제목: Stablecoin-first settlement rails to unlock global adoption — Interview with Neura

Neura’s Arsalan Evini discusses the market forces driving stablecoin adoption, the infrastructure flaws limiting their scale and how a sovereign, purpose-built stack could support reliable global use.

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Stablecoins are a practical way to hold and move dollar-linked value onchain. Yet, the limits of most of the current rails accompany their growth. Lack of a custom design for stablecoins, scattered liquidity across the ecosystem and centralization issues keep hindering global adoption of these stable assets.

Neura, a layer-1 blockchain, targets these issues by treating stablecoins as the starting point for designing the rails. It is designed to provide a neutral, purpose-built environment where stablecoin transactions can settle reliably at scale.

In this interview, Arsalan Evini, co-founder and CEO of Neura, talks about the macro and DeFi trends shaping the demand for stablecoins, the infrastructure gaps he sees in stablecoin rails and how Neura’s sovereign stack addresses them.

Cointelegraph: How do you see the evolution of stablecoins and DeFi, and what are the current macro trends that shape their course?.

Arsalan Evini:Stablecoins and DeFi are following the same evolutionary path, and that path leads toward the mass consumer market. Thanks to UX improvements and regulatory changes, it’s now easier to use stables than ever, and this opens the gates to millions who’ve been missing out on the ability to easily hold, send and invest USD-backed value.

The trend is driven by those seeking safety from volatility, whether itstems from their home nation’s hyperinflated currencyor the volatility of other digital assets, the advantages of stablecoins over traditional payment frameworks and the constant hunt for alternative income sources (where DeFi yield comes in).

The big question is: what are the rails all these transactions will run on? Will it be public chains where the vast majority of transactions settle, or new blockchains created by TradFi institutions? Neura is betting on a third option: our sovereign stack built for stablecoins and decentralized finance.

CT: What are the biggest technical and economic blockers preventing stablecoins from scaling globally?.

AE:Stablecoins are definitely on a global trajectory, but the rails they run on weren’t built for what they’re now being asked to support. Most public chains handle everything from NFTs to memecoins, so performance swings constantly, fees can spike without warning and finality isn’t predictable enough for serious financial flows. At the same time, liquidity is scattered across issuers and networks, forcing stablecoins to operate in silos rather than as part of a well-integrated ecosystem. And recent efforts by corporations to launch their own stablecoin chains run the risk of recreating the problems crypto was meant to solve (centralized control, opaque rules and rails that can be paused, reversed or altered at whim).

All of this points to a missing layer: infrastructure engineered specifically for stablecoins, not retrofitted around them. That’s the gap a sovereign, purpose-built stack like Neura fills naturally.

CT: How does Neura’s architecture address those blockers?.

AE:Neura’s architecture starts by acknowledging that stablecoins need rails engineered specifically for their speed, reliability and liquidity demands. General-purpose chains struggle here because they’re built to serve every possible use case, which means performance varies constantly. Neura addresses this at the foundation by running on its own physical infrastructure (bare-metal servers connected by private fiber), which gives the network low latency, sub-second finality and consistent throughput no matter what else is happening in the broader ecosystem.

On top of that physical layer, Neura unifies stablecoin liquidity through a full-reserve model that aggregates GENIUS-compliant and yield-bearing assets into a single settlement token. This removes the fragmentation that forces stablecoins to operate in silos. And because compliance, auditability and geo-fencing are built directly into the protocol rather than bolted on through intermediaries, institutions can get involved without sacrificing openness or speed. In short, the architecture replaces unstable, multipurpose rails with a purpose-built, sovereign stack that lets stablecoins function the way they were always meant to.

CT: What does “The Sovereign Stack for Stablecoins” mean in contrast togeneric L1sor corporate-run stablecoin chains?.

AE:This is our mantra, meaning we’re building the entire environment stablecoins depend on, from physical hardware to the consensus layer, with one purpose in mind: real-time, reliable, neutral settlement. Generic L1s can’t offer that because they’re designed to be everything for everyone. Their performance shifts with market activity, their fee markets fluctuate and their governance has to serve dozens of unrelated use cases. Corporate-run chains solve some of the congestion problems, but only by recentralizing control over the rails, turning stablecoins intosomething closer to digital bank IOUsthan open financial infrastructure.

A sovereign stack solves this by embedding compliance and liquidity into the protocol itself, rather than relying on corporate gatekeepers.

CT: Drawing on years in the DeFi trenches, what have you learned about stablecoin market structure that most builders and policymakers miss, and how does that inform Neura’s design choices?.

AE:The thing most people miss is that stablecoin fragility comes less from the issuers and more from the rails beneath them. Policymakers obsess over reserves, but we’ve found the real stress points are performance and liquidity fragmentation. When a chain congests or a bridge lags, spreads blow out, execution quality collapses and capital moves instantly.

In other words, stablecoins aren’t fragile because they’re unstable; they’re fragile because the infrastructure they run on isn’t built for high-frequency, high-value settlement. Neura acts on this by prioritizing the settlement layer above all else, ensuring liquidity doesn’t evaporate when volatility hits.

CT: What mechanisms are you using to convert infrastructure revenues into persistent liquidity and user yield without relying on inflationary emissions?.

AE:We designed Neura’s economics around the idea that real usage (not token emissions) should drive liquidity and yield. Every interaction with the network generates infrastructure value: RPC calls, oracle updates, etc, that naturally emerge from high-volume stablecoin flow. Instead of letting that value leak to third-party infra providers or external validators, Neura captures it directly through RPCfi and OEV capture and recirculation.

Those revenues are then funneled back into the ecosystem as chain-owned liquidity and sustainable yield for users. It creates a closed loop where activity fuels liquidity, liquidity improves execution and better execution attracts more activity. Nothing relies on inflation or subsidies.

CT: What does “gas-free USN transfers” mean operationally — who sponsors fees, what rate limits or anti-abuse controls exist and how do you keep the model sustainable?.

AE:Gas-free USN transfers mean users can move stablecoins without paying network fees, but the cost doesn’t disappear. It’s absorbed by Neura’s infrastructure layer. Because the network is vertically integrated and captures RPCfi and OEV value, those revenues effectively subsidize stablecoin settlement. In practice, the protocol tracks USN transaction volume, limits accounts that break consensus rules and utilizes automated fraud and spam filters at the RPC layer to prevent abuse.

Sustainability comes from the fact that stablecoin flow itself generates the economic fuel. A high volume of transfers generates more infrastructure revenue, which in turn helps cover the marginal cost of settlement. Instead of relying on emissions or token inflation, the network’s own usage enables gas-free transfers to be possible and scalable.

CT: Why is physical sovereignty (running on dedicated hardware and private fiber) important for censorship resistance, uptime and deterministic settlement in a stablecoin-first chain?.

AE:Physical sovereignty is critical for censorship resistance because it minimizes chokepoints. If validators depend on cloud services, a single provider can quietly throttle or pressure them.

With private fiber and bare metal, the network controls its own routing and uptime, which makes targeted interference far harder. This creates the deterministic, high-assurance settlement environment that stablecoins require, especially when they start carrying institutional and global payment volume.

CT: How will the Neuraverse’s gamified environment change the way users and builders discover wallets, DEXs, money markets, perps and prediction markets on Neura?.

AE:The Neuraverse gives people a reason to explore the ecosystem rather than treating apps as isolated destinations. In most chains, users discover products through fragmented interfaces or word of mouth. In the Neuraverse, activity itself becomes a guide. Points, quests, leaderboards and progression systems create a natural pull toward trying new tools, whether that is a wallet with bundled transactions, adecentralized exchange (DEX)with deep stablecoin liquidity or a money market tuned for predictable yield.

For builders, this creates steady discovery without having to fight for visibility. New apps appear inside an environment where users are already motivated to experiment, compare and interact. The result is a coordinated onchain economy where exploration is rewarded, liquidity forms more efficiently and the entire stack benefits from a steady influx of engaged users who understand how the ecosystem fits together.

CT: Looking ahead, what would success for Neura and for stablecoin rails look like in the wild? What adoption, reliability and ecosystem milestones will tell you that this model is the new default for real-time digital finance?.

AE:Success for Neura looks like stablecoins moving across the world with the same reliability and predictability as credit card networks or wire systems, but with the openness and neutrality that blockchain promised from the beginning. When users can send value instantly without thinking about fees or congestion, when institutions treat USN rails as dependable settlement infrastructure and when builders default to Neura because the liquidity, compliance tools and performance are all there from day one, that is the signal the model is working.

Real proof will show up in the details. Sub-second finality that holds during volatility, liquidity that stays deep without incentives and applications that thrive because they can count on deterministic settlement. If stablecoin flows start routing through Neura by preference, not subsidies, and if developers treat the sovereign stack as the natural home for payments, trading and treasury operations, that is when the shift to real-time digital finance has truly taken hold.

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