#稳定币市场动态 Looking back, the stablecoin market has gone through a lot of ups and downs. It is indeed reassuring to see that 90% of USDC's asset reserves are managed by BlackRock. This high-quality asset management approach stands in stark contrast to some early stablecoin projects. I remember the controversy surrounding USDT in 2019, when there were constant doubts about its reserves in the market. Now, Circle's approach is undoubtedly a practical response to the market's concerns.

From the remarks of Circle's executives in the Asia-Pacific region, we can also see the potential of stablecoins in cross-border business. This reminds me of early 2017, when many people were still questioning the necessity of stablecoins. However, with the development of the market, the advantages of stablecoins in areas such as cross-border payments and remittances have gradually become apparent. Nowadays, discussing the issuance of a renminbi stablecoin to promote internationalization is even more a reflection of the significant progress in this field.

However, history tells us not to be blindly optimistic. Security and asset quality have always been the core challenges faced by stablecoins. The two core requirements emphasized by Circle - network security and high-quality asset reserves - are precisely the lessons learned from countless experiences over the past decade. We have witnessed too many projects fail due to neglecting these fundamental principles.

Looking to the future, the stablecoin market is likely to develop in a more regulated and transparent direction. At the same time, we must also be vigilant about cyclical risks. Each bull market may bring new innovations, but it may also breed new hidden dangers. Staying alert and continuously learning may be our best way to establish ourselves in this rapidly changing market.