The original intention behind the creation of Bitcoin stemmed from deep dissatisfaction with the bailout mechanisms following the 2008 financial crisis—those "too big to fail" banks were rescued, while ordinary people paid the price. The turning point came unexpectedly. Fast forward to the end of 2025, the cryptocurrency market has reached a fascinating crossroads. Once rebels, now some are becoming an integral part of the financial system that needs protection. This is not conspiracy theory; it’s the market speaking for itself.

Numbers speak volumes. Over the past year, following Trump's election victory, the total market capitalization of cryptocurrencies surged by $1.2 trillion. Behind this growth, stablecoins played a crucial role. Take USDT (Tether) as an example, its market cap has reached approximately $180 billion, and the underlying assets backing it—large amounts of U.S. short-term government bonds—have directly linked the crypto world to the core of global financial infrastructure.

This linkage is somewhat like a double-edged sword. On one side, unprecedented legitimacy and institutional recognition; on the other, seamless risk transmission. Stablecoins are no longer just a medium of exchange; they have become part of the U.S. Treasury bond market. If the market loses confidence in stablecoins like USDT and experiences a large-scale withdrawal, the crypto market could instantly freeze up, liquidity could be frozen. And this freeze could directly impact the traditional financial system.