At 10 PM, messages in the trading group started flooding again. "Bank of Japan announced rate hike on Friday!" "98,000 definitely seen by the end of the month!" A seasoned trader, Lao K, didn't say much, only replied with four words: "Same group of people."

What does it mean? It means that the retail traders cheering now are actually the same group as those who cut their losses and ran at 87,000 a month ago. The market's cyclical nature is so cruel.

But if you calm down and think about it, what is the real threat behind the Bank of Japan's rate hike? The wave of liquidation from carry trade closures. Once it happens, global markets will collectively withdraw that cheap liquidity. How prices fluctuate doesn't matter; what's crucial is whether your core positions can survive this turbulence. Too many people can't hold their positions when whales churn and liquidity directions change. Missing out is painful, but having your account eroded is deadly.

At this moment, a truly stable underlying asset becomes especially critical. It’s not about making quick money, but about maintaining rationality during market frenzy and having a reliable safe haven when liquidity tightens. This is the core logic recently emphasized by a leading stablecoin.

Their new version, through over-collateralization, the Price Stability Module (PSM), and an intelligent allocator, attempts to build a value foundation that doesn't rely on single centralized credit. In simple terms, it uses technology and mechanism design to replace credit endorsement. Such well-designed decentralized stablecoins are no longer optional in the DeFi ecosystem—they are essential.

Combining offense and defense is true wisdom. Maintaining rhythm amid market volatility requires not greed, but respect for risk.