#稳定币增长与监管 Throughout 2025, I kept flipping through my dusty notebooks and only then realized that we are experiencing a never-before-seen turning point. Do you remember the wave in 2017? Back then, everyone talked about stablecoins as if they were taboo, with regulators sitting right across, holding a big stick. And now, what we see is the complete opposite— from Gary Gensler’s departure to the official implementation of the stablecoin framework, this is not just a policy shift; it’s a redefinition of the entire ecosystem’s legitimacy.

What did the variable Trump change? It’s not that he personally has a deep understanding of blockchain, but that he broke the zero-sum thinking of regulation. Investing in crypto through retirement accounts, signing the GENIUS Act—these measures are based on the logic that crypto is no longer seen as a flood or a monster but integrated into the traditional financial system. This means the growth potential of stablecoins has been fully unleashed.

But I have to be honest, what did the epic liquidation on 10.11 teach us? History repeats itself, just in different forms. I saw it once in 2015, again in 2018, and once more in 2021. No matter how fierce the market rises in FOMO mode, the pullback can be equally brutal. The problem isn’t with the stablecoin framework itself, but that the framework can only regulate the bottom line and cannot change human greed. Those institutional funds pouring in, the settlement agreements—these are all good, but the power of cycles still exists.

The current situation is different from the end of 2017. Back then, compliance was still a dream; now, compliance has become a reality. The spring of stablecoins may really have arrived, but in spring, we must remember that history always repeats itself—only the participants are changing.