Have you ever thought about a scenario like this: one day, regulatory authorities open the on-chain data dashboard, and what appears before them is no longer a cold list of 0x addresses, but a clear collaboration network — "某某GmbH · Research Agency · Advertising Agency · Financial Agency," with each node's role and relationships easily identifiable. If this were to happen, how would the entire game change?

More and more signs indicate that the "penetrating supervision" proposed by MiCAR is upgrading. Initially, it only required transparency into the composition of asset pools. Now? The next step is likely to be a direct penetration into the entity identities and agency relationships layer. Projects that have done detailed design at the identity level — for example, some emerging public chains focused on AI payments — are likely to become the first samples to be "dissected."

Let's clarify this point. The goal of MiCAR is not to ban the crypto industry, but to face two unavoidable realities: stablecoins have grown into a significant layer for payments and settlements; regulation can no longer stay at monitoring market prices alone — it must clarify who is issuing the tokens, who is holding the reserves, and who is ultimately bearing the risks. Over the past two years, ESRB, EBA, ESMA have repeatedly issued reports emphasizing "penetrating" regulation of stablecoins — not just looking at market cap, but also at which banks hold the reserves, what types of assets are in the portfolio, and whether a single institution's concentration exceeds 30%. Why? Because when liquidity pressures hit, the shock from a run can directly impact the real financial system.

From another perspective, the "penetration" MiCAR conducts on stablecoins actually has two directions: one is downward penetration, directly reaching reserve assets and banking exposures to deconstruct structural risks; the other is upward penetration, tracing back to the issuing entities, operators, and proxy structures — who is making decisions? Who bears legal responsibility? Every link in the chain must stand the test.