# StablecoinRegulationAndIssuance

#稳定币监管与风险 Looking back on the turbulent history of stablecoins over the years, one can't help but feel a sense of nostalgia. Back then, USDT was questioned multiple times for lacking sufficient reserves, and now it seems history is repeating itself. Arthur Hayes's latest perspective is indeed thought-provoking. If Tether truly holds a large amount of illiquid assets, a severe market fluctuation could very likely trigger a trust crisis. I remember the panic during the 2018 turmoil—how quickly fear spread in the market. However, this time Tether responded swiftly with a huge amount of equity to