#稳定币发展与监管 Recently, I saw risk alerts from the seven major financial associations, which directly mentioned popular concepts like stablecoins and RWA. For a moment, I felt quite nervous 😅. But after carefully reading this article reviewing the twelve-year regulatory history, I gradually clarified my thoughts.

It turns out that from 2013 to now, each regulatory storm follows the same pattern: policies tend to come at the hottest market times (like the current hype around stablecoins), which indeed triggers panic and declines in the short term. But in the long run, has Bitcoin’s trend ever truly changed? In 2017, ICOs and exchanges were banned, but trading activities moved overseas, and the market still entered a bull run afterward; in 2021, mining was phased out, yet the market rebounded to historical highs.

The most interesting thing is that the current situation is different from the past. Wall Street’s ETFs and institutional holdings have become the main force, no longer dominated by Chinese funds. The recent negative premium of USDT indicates that some people are eager to convert back to fiat currency, but this might just be a short-term emotional reaction?

My feeling is: regulation is definitely aimed at protecting investors and maintaining financial stability, which is understandable. But the real impact might be more on domestic trading and promotional channels rather than the price trend itself. It seems that the next focus should be on how major trading platforms will respond, rather than blindly panicking. Storms are indeed frightening, but the difference between "storm coming" and "bad news exhausted" may lie in whether you truly understand the historical patterns.