#稳定币市场 Looking back on 2025, the stablecoin sector has truly become the main player in financial infrastructure. From the U.S. Federal regulation of the GENIUS Act in July to the approval of Circle and Ripple to establish national trust banks by the end of the year, this is not just a simple policy boost but a complete shift in the financial system’s attitude towards crypto assets.

Over the year, I’ve followed several operators focused on the stablecoin ecosystem, and their strategic adjustments clearly illustrate the point. Early in the year, they viewed stablecoins mainly from a trading perspective, focusing on arbitrage and exchange hedging. By the second half, there was a clear shift towards liquidity allocation and infrastructure dividends. Especially after the SEC approved the general listing standards for commodity trust shares in September, some experts directly changed their risk preferences, moving from high-leverage short-term strategies to more stable structural allocations.

But I must honestly say— the $19 billion clearing wave in October taught us a lesson. Under the resonance of ETP funds and high leverage, volatility didn’t disappear; it was actually amplified. Therefore, the key to strategies related to stablecoins now is to refine the position management logic: conservative investors should follow those focused on infrastructure dividends, while aggressive investors should only follow traders with strong trading activity.

Operational risk cannot be ignored either. The $1.4 billion theft at Bybit still reminds us— choosing traders isn’t just about looking at the profit curve; you also need to sharpen your sense of counterparty risk. This is the most valuable practical lesson to remember in 2025.