#USDT稳定币风险分析 Seeing the news that Sony Bank is about to issue a USD stablecoin has prompted me to think about the risks of mainstream stablecoins like USDT. Although the entry of new players may increase market competition, the short-term impact on USDT is limited. More importantly, this reflects that traditional financial institutions are actively entering the digital asset space. Next, I will focus on tracking the market capitalization changes of USDT, the activity level of on-chain addresses, and the market share comparison with other stablecoins. I will also closely monitor regulatory developments, as policy risk remains the biggest uncertainty facing stablecoins. Overall, stay cautious and optimistic, but continuous monitoring of various indicators is necessary.