#稳定币 Seeing the stablecoin supply grow 50% year-over-year reminds me of the "wealth management talk" from a few years ago. Back then, high-yield promises were everywhere. And what happened? Projects collapsed one after another, ultimately hurting those of us seeking stable returns.

Now, with $20 billion allocated to interest-bearing stablecoins, the logic is a bit different this time. Leverage has been cleared, and the market is shifting from pure speculation to balance sheet-driven—simply put, it’s about real asset backing rather than stories and FOMO hype. This kind of shift is actually good for ordinary people.

But I have to pour cold water here: interest-bearing stablecoins sound great, but fundamentally, they generate returns based on financial operations. Behind high yields, you always need to ask—where does this money come from? Is it the interest from user leverage trading? Or is a CeFi platform doing high-risk hedging? The expansion of RWA from $4 billion to $18 billion looks impressive, but how much of it is truly safe and grounded? Who can say for sure?

The secret to longevity in this space is: don’t chase high yields, prioritize stablecoins from top projects, and keep your money in assets that are truly transparent and audited. The lesson from the $17 billion leverage liquidation is right in front of us—next time, who will be the next to blow? Only time will tell.