#稳定币发展 Seeing Airwallex's recent financing, I have to say a few heartfelt words. An $8 billion valuation and $330 million in financing sound impressive, but the key is that they are building a stablecoin platform team. This is the node I want to remind everyone of—whenever large-scale financing and new track combinations appear, it often means that a new round of "opportunity traps" is brewing.

The payment sector is indeed booming, but the stablecoin space is fraught with pitfalls. In recent years, how many projects have used stablecoins as a guise, promising high returns and low risks, only to either run away or collapse in the end? The entry of large institutions does not mean that risks have disappeared; rather, it indicates that this piece of cake is large enough to attract more capital and users. Once there are enough users, the potential for exploiting them increases.

My suggestion is: maintain sufficient vigilance towards "infrastructure" level products like stablecoins. It's not that you can't participate, but you need to understand their lifecycle—early on, it is usually a phase of capital burning and expansion, during which the risk is actually the highest because the model is still being validated. Only when the product has been operating stably for 3-5 years can we say it is relatively safe. Going all in now is like betting your life.

People who live long on-chain never chase the financing news of hot trends.