#稳定币发展与应用 Reflecting on the development history of stablecoins, I can't help but feel a surge of emotions. From the initial USDT to later USDC, DAI, and others, stablecoins are playing an increasingly important role in the crypto world. Now seeing traditional payment giants like Visa fully embrace stablecoins is even more exciting. Four blockchains, four types of stablecoins, multiple fiat swaps—this signifies that stablecoins have officially entered the mainstream application stage.

Over the past few years, I have witnessed many projects rise and fall. Some once-glamorous "killer applications" have now disappeared; meanwhile, some innovations initially overlooked have stood firm through market tests. Stablecoins are a typical example of the latter. From being heavily questioned at the start to now becoming fundamental infrastructure in the crypto ecosystem, this journey has not been easy.

Visa's data further confirms this point. In just one year, related expenditure has increased fourfold, resulting in a total of $140 billion in trade flow. This is not just a rise in numbers but also a sign of deep integration between crypto assets and traditional finance. I believe this may signal the beginning of a new bull run cycle. After all, without a stable value carrier, any financial innovation would be difficult to sustain.

However, amidst the excitement, we must remain clear-headed. History shows that excessive optimism is often a precursor to bubbles. While the development of stablecoins is encouraging, issues such as risk management and compliance cannot be ignored. We should learn from history—embracing innovation while remaining vigilant against potential systemic risks.