#稳定币市场竞争 Seeing the Federal Reserve's recent policy adjustment, a familiar feeling arose in my mind. When the "Strong Opposition to Presumption" was released in 2023, I thought to myself, no matter how tightly this door is closed, it cannot stop the march of history. Today's retraction is less of a sudden shift and more of regulators finally acknowledging reality—the understanding of crypto within the financial system is evolving, and the banking sector's demand is genuine.

I still remember the prosperity of 2017 and the subsequent winter, when the concept of stablecoins was just beginning to emerge. Tether survived the storm, and USDC later took the lead. Over the years, the competition has essentially been a continuous adjustment amid regulatory tension. Looking back now, those projects that have made it this far have all found ways to survive within policy gaps.

This move by the Federal Reserve directly opens up new possibilities for stablecoin issuance. Banks with FDIC insurance remain restricted, but those uninsured state-chartered banks can now apply case by case, meaning genuine participants within the system are starting to have a chance to enter. This isn't a revolution, but definitely an evolution. The support from the Trump administration was only superficial; the underlying logic is that traditional finance can no longer completely avoid this track.

The future competitive landscape of stablecoins will thus be reshaped. Once banks are formally involved, the game rules will change. Fully decentralized visions will be challenged, but at the same time, more capital and infrastructure support will emerge. History has shown me that every policy loosening is accompanied by new opportunities and new eliminations. This time, survival will depend not only on technological innovation but also on who can integrate more deeply with the traditional financial system.