#稳定币监管与风险 Looking back on the turbulent history of stablecoins over the years, one can't help but feel a sense of nostalgia. Back then, USDT was questioned multiple times for lacking sufficient reserves, and now it seems history is repeating itself. Arthur Hayes's latest perspective is indeed thought-provoking. If Tether truly holds a large amount of illiquid assets, a severe market fluctuation could very likely trigger a trust crisis. I remember the panic during the 2018 turmoil—how quickly fear spread in the market. However, this time Tether responded swiftly with a huge amount of equity to address concerns. In the long run, regulation of stablecoins is inevitable. But finding a balance between protecting investors and encouraging innovation will likely require ongoing cooperation between the industry and regulators. Regardless, for us investors who have experienced multiple bull and bear cycles, risk management is always the top priority. Never be blinded by high yields; diversification is the key to long-term survival.