#Gate广场四月发帖挑战

Today marks my 653rd day of posting updates. Every post is prepared with care, not just rushed. If you think I am a serious person, you can follow me, and I hope the daily content can help you. The world is vast, and I am small. Hit follow so you don’t miss out.

Since 2026, the market size of stablecoins has approached $300 billion, with daily trading volumes reaching trillions of dollars. However, the larger the scale, the more intense the controversy. The focus of this debate is no longer “whether to develop” but “how to manage risks.”

The first major controversy: cracks in trust. The world’s largest stablecoin, USDT, was recently downgraded to the lowest rating by S&P, citing an increase in high-risk assets in reserves from 17% to 24%, including Bitcoin, corporate bonds, and even unclear assets. If stablecoins cannot deliver on the promise of “stability,” they could threaten the entire financial system at any time.

The second major controversy: fragmented regulation. The US is pushing the GENIUS Act to give stablecoins legal status; the EU is tightening risk controls through MiCA; countries like France and Germany are also demanding stricter rules; meanwhile, China has firmly halted stablecoins and is fully promoting the digital yuan. This “each doing their own thing” approach is fueling regulatory arbitrage, sharply increasing cross-border flow risks.

Stablecoins are not a flood monster, but they must operate on a transparent, unified, and accountable track. We need global cooperation to find a true balance between innovation and security.