#稳定币 After watching CZ's year-end AMA, the part about stablecoins is really worth digesting repeatedly. He divides stablecoins into three stages: 1.0, 1.5, and 2.0, and this framework has practical guiding significance for adjusting copy trading strategies.

Stablecoin 1.0 is straightforward—holding coins yields no returns, Tether earns all the interest. This stage is suitable for aggressive copy traders seeking high leverage volatility.

Stage 1.5 (now) begins to generate returns but with friction. Ethena's USDe is an example. The problem is limited exchange integration, making copy trading more difficult. At this point, a diversified strategy is needed—both copying high-yield aggressive traders and stable, conservative players to hedge integration risks.

True 2.0 is the ideal state: combining yield + liquidity + compliance. This means the future stablecoin sector will undergo a reshuffle, and projects currently favored may be overtaken. Therefore, copy traders involved with stablecoins should be especially cautious—they base their strategies on 1.5, and when 2.0 arrives, quick adjustments may be necessary.

This also explains why a sudden improvement in the regulatory environment is so critical. From "super hostile" to "much more open," new compliant stablecoins could rise to prominence in the short term. For copy trading players, it's important to identify early which projects are laying out the next-generation stablecoins, rather than sticking stubbornly to current USDT and FDUSD. Practical experience proves that now is the time to adjust risk preferences accordingly.