#稳定币 Seeing Tether's acquisition of Juventus, Interactive Brokers opening stablecoin deposits, OCC approving five trust licenses... This wave of "breaking out" of stablecoins is truly dazzling. But I have to say, this is also the moment I am most cautious.

The supply of stablecoins has surged from 130 billion at the beginning of the year to 310 billion, a 140% increase. This number sounds very encouraging. The question is—who is using these new stablecoins? Is it really large-scale institutional entry, or is it just preparing for the next round of profit-taking?

Tether is involved in football clubs, investing in AI robots, and building a global payment network. This looks like a long-term layout with real money. But don’t forget, the core trust foundation of stablecoins is—are they truly stable? Are the reserves really sufficient? When large amounts of capital flood in, any slight disturbance can cause confidence to collapse instantly. I’ve seen too many "promising projects" fall apart in the face of a confidence crisis.

Those praising the "super cycle of stablecoins" should be listened to, but more importantly, listen to the sarcastic voices—"Use junk coins to exchange for regular users' stablecoins, then invest in real assets." This hits hard because it’s the truth. Friendly regulatory attitudes and the entry of big institutions are good signals, but they are also the stage most favored by market manipulators.

My simple advice: if you’re going to use stablecoins, treat them as a transit station or a risk hedging tool. Don’t put all your assets on the promise of a single stablecoin. Multi-chain deployment, risk diversification, and regular audits of reserve information—these are the ways to survive longer in this market. Opportunities are indeed expanding, but so are the traps.