#稳定币市场风险 Looking back at the past few years in the crypto market, stablecoins have experienced dramatic fluctuations. From the collapse of Terra/LUNA in 2022 to the recent rise of Russia's crypto economy, every step has tested the resilience of this industry. The Russia case is particularly worth pondering — when traditional financial channels are cut off, cryptocurrencies have become a key tool for a country to evade sanctions and maintain economic operations. The widespread use of USDT and the rise of the domestic stablecoin A7A5 both demonstrate the "rigid demand" property of stablecoins in extreme environments.

However, this double-edged sword also exposes significant risks. On one hand, stablecoins provide "escape routes" for sanctioned countries, potentially weakening the effectiveness of international financial sanctions. On the other hand, large-scale gray-area transactions increase the regulatory risks of stablecoins themselves, which could face harsher crackdowns at any time.

As an industry veteran, I can't help but ask: could this become a new catalyst for global crypto regulation? How will governments balance financial security with technological innovation? Regardless, after this storm, the stablecoin market is bound to undergo new reshuffling and restructuring. We need to stay vigilant, closely monitor policy developments, and also consider how to enable stablecoins to play a greater role in inclusive finance under compliant conditions. After all, technology itself is neutral; the key lies in how we use it.