#稳定币 Seeing CZ mention in the year-end Q&A that stablecoins still have several orders of magnitude of growth potential, I have to calmly pour some cold water—it's indeed a good track, but the premise is that you need to understand what you're buying.

Ten years ago, I was also fooled by stories of various "revolutionary payment tools." And what happened? A bunch of projects ran away, funds froze, and regulators raided. Today’s stablecoins seem more regulated, with a market size of over $300 billion, but you need to ask yourself a few questions:

**First, do the stablecoins you're buying really have real assets backing them?** USDT and USDC account for over 80%, which already shows the market is voting with its feet. Those new stablecoins, no matter how fancy their concepts are, are not as important as reviewing their reserve audit reports.

**Second, policy trends are indeed changing now.** The US has passed the GENIUS Act, and Hong Kong is tightening licensing regulations. This seems good, but in reality, it means higher thresholds. Small project teams will be pushed out, and only big institutions will survive. If your stablecoin comes from a no-name small platform, the risk of being phased out in the future is there.

**Third, don’t treat stablecoins as investment assets.** Their value lies in stability; if they become unstable, they lose all meaning. Those jumping on new stablecoins and hoping for appreciation are basically gambling their principal on the policy not collapsing.

CZ said "better stablecoins haven't appeared yet," and my understanding is—there is still room for higher thresholds, but this space is only for those who can survive until the policy dividends truly land. Only those who live to see the on-chain Wall Street stablecoin projects launching in 2026 deserve that growth. Others? Sorry, most are likely cannon fodder.

So the conclusion is simple: stick to top stablecoins like USDT and USDC, and treat all other new concepts as gambling. Betting is fine, but don’t gamble with living expenses.