#资产代币化趋势 Seeing the latest developments in stablecoins naturally makes me reflect on the ups and downs of the cryptocurrency industry over the past decade. From the early collapse of Bitcoin exchange Mt. Gox, to Tether's first trust crisis in 2018, and now ongoing controversies, stablecoins seem to be unable to escape the shadow of doubt.

However, upon closer examination of James Butterfill, Head of Research at CoinShares, his analysis has given me some new perspectives. He points out that Tether's current reserve assets amount to $181 billion, exceeding its liabilities by $6.8 billion, which is no small figure. Looking back, we were excited about projects worth only a few million dollars; now, the scale is truly impressive.

What’s more noteworthy is that Tether has generated $10 billion in profit in the first three quarters of this year. This reminds me of the ICO boom in 2017, when many projects had whitepapers but no actual revenue. In comparison, Tether’s profitability is indeed remarkable.

That said, we must remain cautious. History has shown us that in the crypto world, giants that seem invincible today can collapse tomorrow. Prudence and vigilance are my lifelong mottos.

Overall, although current data does not indicate systemic risk, we still need to stay alert and closely monitor market trends. After all, in this rapidly changing industry, only by preparing in advance can we stand firm amidst the waves.