#稳定币业务 Seeing these predictions about stablecoin businesses, I have to say a few honest words. The number of stablecoins exceeding Layer2 hit my pain point—over the past two years, I've seen too many project parties using the name of "innovation" to actually drop the issuance thresholds and create stablecoins everywhere. The lower the threshold, the higher the risk; this is an unbreakable truth.

I remember a pit I once fell into, a "revolutionary" stablecoin project that was initially promoted with grand claims, asserting it would disrupt the existing landscape. What happened? Less than half a year later, it was plagued by issues with reserve funds, leaving early participants with nothing. At that time, I understood: stablecoins seem simple, but the credit risks, liquidity management, and regulatory pressures involved behind the scenes can be deadly.

Now the industry learns to deeply monetize TVL like monetizing trading volume; it sounds like progress, but in reality, it is playing with fire. More funds are not necessarily better; the key is where this money goes and how it is managed. Projects that casually pile funds into multi-signature wallets and treat it as "trustless asset management" will eventually crash. Instead of getting cut, it's better to open your eyes wide now.

Stablecoins are indeed an important infrastructure for the future, but the premise is that they need to last long. I suggest everyone ask themselves three questions before engaging with any new stablecoin: Who is behind the issuance? Is the reserve real? Will the liquidity dry up? If you can't answer these questions, then don't touch it.