#稳定币生态 Looking at the recent moves in the stablecoin ecosystem, I have to be honest. Tether launching an AI wallet, Velo integrating USD1, new exchange contracts—on the surface, it seems lively, but the underlying logic is worth pondering.

Anyone who has experienced several cycles understands that the expansion of the stablecoin ecosystem often comes with two possibilities: one is genuine infrastructure improvement, and the other is the prelude to a liquidity trap. My observation is, when you see leading platforms simultaneously deploying across multiple dimensions—wallets, protocols, trading—what does that usually mean? It’s about competing for user entry points and trading volume.

This isn’t necessarily a bad thing, but caution is needed regarding the pace. High-leverage contracts (40x, 20x) combined with new tokens launching—frankly, it’s about creating volatility. Where there’s high volatility, there are more opportunities to profit. I’ve seen too many people fooled by the illusion of "stablecoin safety," only to wake up when their leverage gets liquidated.

Stablecoins themselves are not the problem; the issue lies in the speed of ecosystem expansion and the incentive mechanisms behind it. Multi-chain deployment and feature expansion are good, but if you follow the trend and especially participate in new tokens trading with high leverage, you’re playing with fire. My experience is: the hotter the ecosystem, the more you should keep your distance. Once the dust settles, truly valuable things will naturally remain.

Now, seriously ask yourself one question—are you investing in the future of an ecosystem, or are you betting on today’s gains? These two mindsets often lead to vastly different outcomes.