#稳定币发展与风险 Looking back at the history of stablecoins, from the earliest USDT to today's partnership between Visa and AquaNow, it truly feels like a world of change. I personally witnessed the birth of USDT back then, when everyone was still fiercely debating whether Bitcoin could become a payment tool. Who would have thought that over a decade later, stablecoins would not only become the infrastructure of the crypto world, but even begin to permeate the traditional financial sector.

Visa's latest move is undoubtedly a milestone. It shows that traditional payment giants have recognized the value of stablecoins and are willing to integrate them into their ecosystems. This reminds me of the huge stir caused when Facebook launched Libra in 2019. At that time, governments and central banks around the world reacted as if facing a major threat, worried that private stablecoins would endanger monetary sovereignty. Now, it seems that stablecoins are integrating into the existing financial system in a much gentler and gradual way.

However, we can't ignore the risks that stablecoins face. The collapse of Terra/Luna is a bloody lesson, reminding us to remain highly vigilant about the mechanisms and reserve assets of stablecoins. As stablecoins become more widely used in payments, their systemic importance continues to rise. If a problem occurs, it could trigger much wider financial turmoil.

Looking ahead, I believe regulation of stablecoins will be a hot topic. How to strike a balance between encouraging innovation and preventing risks will be a major challenge for regulators around the world. For those of us who've been through multiple bull and bear cycles, maintaining cautious optimism may be the wisest attitude. After all, in this ever-changing industry, the only constant is change itself.