#稳定币市场动态 Years pass like white horses, and before we know it, the turbulence in the stablecoin market has reignited. The story of Huiwang Pay feels as if it just happened yesterday. Looking back to the collapse of LUNA and the de-pegging of UST, countless people saw their dreams shattered in the clouds. Now, it seems history is repeating itself, only with different protagonists.

Looking at the on-chain data, USDT balances have fallen from a peak to a trough, with user withdrawals gradually tightening, leaving only 990,000 remaining. Such a scene is very similar to the collapse of the Terra ecosystem back then. But this time, it appears even more silent, like a sigh in the dark night.

These scenes inevitably remind us of past projects that once shined brightly. They were like dazzling stars but turned into shooting stars overnight. From UST to USDC, and now to Huiwang, every wave reminds us: the stablecoin market is far from stable, and risks are always lurking.

Reflecting on the ups and downs over the years, it’s easy to see a pattern: when the market is overly prosperous, it is often when a crisis is brewing. And after each wave of turbulence, survivors tend to become even stronger. Perhaps this is the survival law of the blockchain world.

In the face of the present, we should be more vigilant. Do not be blinded by short-term gains; always maintain rationality and caution. After all, in this rapidly changing market, today’s giants could become history tomorrow. Let us learn from history and steady ourselves as we ride the waves of the future.