#稳定币 Seeing Ethereum evolve from an experimental network to a global infrastructure milestone, I feel a sense of reflection. In 2025, it completed a transformation from "proof of concept" to "production-grade system"—two hard forks at the protocol level, gradually clearer regulatory frameworks, and large-scale adoption of institutional applications—all pointing in the same direction: blockchain is becoming a real financial infrastructure.

I especially want to remind everyone about the detail of stablecoins. A supply of $300 billion and an annual trading volume of $46 trillion reflect not only a thriving trading environment but, more importantly, the genuine demand for "safe and trustworthy settlement tools" within the financial system. The entry of institutions like JPMorgan and BlackRock indicates that stablecoins have evolved from risk assets into fundamental financial tools.

But I want to say— the more mature the infrastructure, the higher the expectations for individual investors. When the market reaches a mature stage, low-probability events and black swan risks are often more easily overlooked. At this point, prudent position management becomes especially critical. Don’t be fooled by the superficial prosperity of the ecosystem; moderate allocation, a long-term mindset, and regular risk review are principles that are more valuable than chasing high returns.

The maturity of infrastructure presents opportunities for long-term participants, but the prerequisite is that you need to survive until that long-term.