#稳定币风险与合规 The public test launch of Tempo is worth following, but the core logic still depends on the on-chain capital flow of stablecoin payments.

The combination of Stripe and Paradigm is indeed imaginative—the fixed transaction cost model of 0.1 cents breaks the pain point of the traditional on-chain congestion cost's random fluctuations. However, from the perspective of on-chain signals, the key is to observe the subsequent real transaction volume and capital accumulation. The entry of traditional financial institutions like UBS and Cross River Bank indicates that the compliance pathway is gradually becoming clearer, which is beneficial for the long-term health of the stablecoin ecosystem.

Key data points to follow:
1. The growth curve of daily active addresses and transaction counts on the Tempo network.
2. The scale of funds flowing into the stablecoin on-chain and the retention rate
3. The distribution of actual transaction share among partners

Currently, this seems more like a signal of improved infrastructure rather than a release of risk. The real risks of stablecoins still lie in compliance regulation and reserve transparency - even if the technical solutions are further optimized, if the reserve audits are inadequate, the issue of fund security will always hang over us. In the medium term, we can track the changes in the flow of funds in this network to see if there are any whale-level institutional funds actually entering the market.