#稳定币监管与发展 Seeing traditional blue-chip companies like PwC start to genuinely enter the space, my first reaction is not excitement but increased caution.

Anyone who has experienced multiple cycles understands that institutional deployment is often a double-edged sword. On one hand, the clarification of stablecoin regulatory frameworks and the advancement of the "Genius Act" can indeed boost market confidence, which is a long-term positive signal. On the other hand, when large sums of money flood in, it is also the time when retail investors are most vulnerable to being exploited.

I've seen too many such patterns: compliance policies announced → institutions begin to deploy → market sentiment soars → various whales and project teams seize the opportunity to enter → retail investors follow suit → the big harvest begins. PwC’s statement essentially just indicates they want to participate in this market, but the real questions are what role they will play, how they will participate, and who will ultimately benefit.

Regulation of stablecoins is indeed necessary, and that’s not an issue. But once regulation is clear, it’s even more important to understand each new project’s lifecycle and fund flow. Projects that suddenly appear claiming they are "about to become compliant" are often the most dangerous. Institutional entry is not a signal for us to follow blindly, but a reminder to be more cautious in risk assessment. To survive long on the chain, the key is to stick to your own bottom line.