#稳定币发展 Seeing Stripe's recent actions, I have to say a few heartfelt words. The acquisition of the Valora team to expand the stablecoin business is, on the surface, a signal that big institutions are optimistic about the sector, but it's also the most misleading narrative I've seen that can easily lead people to pitfalls.

Stablecoins are indeed a good direction, but the problem is — every time big capital enters the market, retail investors are most likely to fall into two cognitive traps. The first is FOMO, where seeing top institutions like Stripe and Paradigm teaming up on the Tempo public chain makes them feel that the stablecoin ecosystem is about to explode, making them want to go all in on related projects. The second and more dangerous trap is conflating the layout of institutions with the value of specific projects.

I walked down this road. Stripe's acquisition is of the Valora team, not the core technology, and the Valora app will still operate within the Celo ecosystem. What does this mean? It means this is not a revolutionary breakthrough, but rather an integration of talent and resources. The stablecoin sector is indeed heating up, especially in a policy-friendly environment, but this precisely indicates that there will be more and more competitors, and newcomers will have to work harder to survive.

Give a piece of advice to those still mingling in this field: don't be dazzled by the actions of big institutions. Observe the life cycle of the project itself—does it have real applications in the early stage, has it become a cash cow for the whales in the mid-stage, and can it hold its fundamentals in the later stage? Regarding stablecoins, I see it more clearly now; only those that can survive in the long run are the winners.