# 稳定币发展与监管

#稳定币发展与监管 After reading CoinShares' 2026 Outlook Report, I have some thoughts I want to share with everyone.
The most compelling point in this report is: digital assets are shifting from a speculative-driven market to one driven by practical utility. The stablecoin market size has exceeded $300 billion, JPMorgan has launched JPMD tokenized deposits on Base, and BlackRock's BUIDL fund assets have expanded significantly—these are not hype, but the building of real financial infrastructure.
But I must honestly say, what does this shift mean for us, prudent investors: opportunities and risks coex

#稳定币发展与监管 After reviewing this material, I have to say—the cyclical patterns of policy storms are becoming increasingly clear.
From 2013 when Bitcoin was defined as a "virtual commodity," to the 2017 ICO ban, to the 2021 "mining machine power-off wave," and now the targeted crackdown on stablecoins and RWA, these twelve years of trajectory tell us an interesting truth: **Regulation is like the tide, coming fiercely but unable to stop the ultimate flow of the sea**.
What impresses me most is this observation—each time the policy acts, the timing is very "deliberate," often happening when a hot

#稳定币发展与监管 Looking at the 77-page 2026 Outlook from CoinShares, I feel a complex mix of emotions. Since 2014, I have witnessed numerous waves of "revolutionary narratives," but this time feels different.
Stablecoins surpassing 300 billion in size may seem ordinary, but when placed on a historical timeline, it is quite thought-provoking. I remember back in 2017, stablecoins were mainly tools for exchanges to救 themselves. Now? Tether accounts for 60% of the market, Circle for 25%, two giants have formed, Siemens can save 50% on foreign exchange settlements using JPM Coin, reducing settlement tim

#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 tru

#稳定币发展与监管 The Hong Kong Stablecoin Regulations Passed, Interactive Brokers Opens Stablecoin Deposits, Ripple Obtains Trust Bank License… This wave of developments looks lively, but I have to say, the real worth pondering is the logic behind these news.
Remember those projects a few years ago claiming to be "revolutionary breakthroughs"? What happened? Most of them turned out to be tools for harvesting retail investors. This time is different—these advancements all carry regulatory approval stamps, which actually highlight a key issue.
Stablecoins themselves are not the problem; the issue lies

#稳定币发展与监管 Reflecting on the twelve-year regulatory cycle, the pattern is actually quite clear: policies tend to be enforced when market enthusiasm peaks, and after each round of intervention, the market typically clears and restarts within 6-12 months.
This time, the mention of stablecoins and RWA indicates what? It suggests that the hype around these two sectors has reached a stage where cooling down is necessary. But the key point is— the current market structure is completely different. The policies in 2013 and 2017 could directly end the bull market cycle because mainland capital dominate

#稳定币发展与监管 Tether's $500 billion valuation is not enough, now they want to raise $20 billion for stock issuance, then consider tokenizing and storing on-chain😭 This approach is quite clever, essentially building financial infrastructure for the stablecoin empire.
But to be honest, I understand the logic behind this round of financing — to strengthen USDT's market position, prevent shareholders from selling off and crashing the valuation, and to test whether on-chain equity tokenization can work. If they can truly tokenize equity on-chain, it would be another evolution of the stablecoin ecosys

#稳定币发展与监管 US crypto legislation has been postponed again until January next year. I find this move quite interesting. On the surface, it appears to be a multi-party game between the Democratic Party, the Republican Party, and the White House, but the core issue remains the most complex aspect of stablecoin regulation—particularly the question of "whether stablecoins can be linked to yields," which directly touches the bottom line of financial regulation.
From a copy-trading perspective, this kind of uncertainty is actually a double-edged sword. A short-term policy vacuum can cause volatility,

#稳定币发展与监管 Seeing the news about Trump's eldest son's wealth skyrocketing, I am pondering a question — why can stablecoin businesses become the core driver of wealth growth?
The logic behind this is actually quite clear: stablecoins are becoming the infrastructure of the crypto ecosystem. The fact that World Liberty Financial's stablecoin business can support a valuation of hundreds of millions of dollars indicates how strong the market demand is for regulated, trustworthy stablecoins.
For us crypto enthusiasts, this is a signal — future airdrops will increasingly favor projects with strong co

#稳定币发展与监管 Seeing this report from the IMF, I can't help but feel that stablecoins are becoming an unstoppable force in the global financial landscape. They bring convenience to cross-border payments but may also disrupt the traditional monetary system. This decentralization trend is quietly transforming our financial world.
However, I believe this also presents opportunities for emerging economies. If they can embrace this technology cautiously, they might establish a more inclusive and efficient financial system. Of course, regulation is essential; we need to find a balance between innovatio