#稳定币发展与应用 The stablecoin market cap has increased by 70% in one year, with institutions flocking in. I've seen this excitement many times before. Do you remember the scene when DeFi exploded last year? Every project team claimed to be the future, but most ended up as tools for rug pulls.

This time, the story of stablecoins sounds promising—global payments, institutional demand, projected to reach 2 trillion by 2028. But I have to pour some cold water: impressive growth figures don't mean there are no risks. Stablecoins fundamentally rely on the issuer's credit and the authenticity of the underlying assets. When LUNA/UST collapsed last year, how many people learned their lesson? Those praising "revolutionary financial tools" have long since run away.

Now, we need to consider a few issues: first, whether the collateral assets of these stablecoins are verifiable. Second, whether the issuers have genuine compliance backgrounds. Third, whether the ecosystem applications are built on real demand rather than hype. Institutional entry can indeed enhance compliance, but don’t forget, institutions can also rug retail investors.

The true value lies in whether stablecoins can solve problems in real scenarios like cross-border payments and DeFi liquidation, not just in market cap numbers. If you see a certain stablecoin suddenly surge and everyone around is talking about it wildly, that’s exactly when you should be most cautious. Surviving longer in this market is more valuable than surviving fast.