#稳定币市场与应用 After reviewing these key events of 2025, I feel a heavy weight in my heart. $1.4 billion in exchange thefts, $19 billion in leverage liquidations... Behind these numbers are the blood, tears, and lessons learned by many.

But I want to say that this year hasn't been all bad news. The GENIUS Act brought stablecoins under federal regulation, and Circle and Ripple received approval to establish trust banks. These all signal that the formalization of financial infrastructure is underway. Stablecoins are evolving from trading tools into foundational payment and settlement instruments, indicating that this market is seeking genuine long-term value.

What I find most reflective are these four summaries: **Operational risk has become a core variable, crypto assets are entering a macro risk cycle, and market entry is expanding faster than risk constraints**. What does this mean? It highlights the importance of position management and asset allocation more than ever before.

Don’t be fooled by stories of high leverage, nor should you frequently trade amid volatility. The normalization of the stablecoin market provides us with a safer tool for allocation. Where to keep sufficient cash reserves and how to navigate macroeconomic shocks are questions everyone should seriously consider. Maintaining a long-term mindset in a restless market is never pessimistic; it’s the clearest and most rational choice.