#稳定币生态发展 Recently, I've seen quite a few discussions suggesting that stablecoins might threaten the traditional banking industry, and I have some thoughts I’d like to share with everyone.

Over the years, I’ve interacted with many investors, and they tend to have two extreme reactions to new things—either excessive panic or blind optimism. But I’ve found that the truth often lies in the middle. Data from Cornell University is quite interesting: despite the explosive growth in stablecoin market capitalization, there has been almost no outflow from bank deposits. Why is that? Because most people won’t move their checking accounts, which are tied to various services, just for a few basis points of extra yield. This kind of "stickiness" is very real.

What truly deserves attention is that the emergence of stablecoins itself is a form of competitive pressure. Banks are forced to raise interest rates and improve efficiency, which in turn promotes the self-upgrading of the financial system. It’s like how the music industry was forced to shift from CDs to streaming—initial resistance eventually turned into a lifeline.

From an asset security perspective, the key is that the regulatory framework must keep pace. The GENIUS Act explicitly requires full reserves and enforceable redemption rights, which serve as a bottom-line guarantee. With this framework in place, stablecoins could even become part of the financial infrastructure rather than a threat.

My advice is: rather than obsessing over who will "beat" whom, it’s better to understand that this is an inevitable upgrade of the financial system. The principles of position management remain unchanged—diversify your holdings, fully understand what you’re holding, and hold long-term. When new things arrive, maintaining rational observation is more important than rushing to pick sides.