#稳定币市场 Looking back on the events of the entire year 2025, there's a heavy feeling in my heart—this isn't an ordinary cycle year, but a year in which the crypto industry was forced to grow up.

Remember the $1.4 billion theft at Bybit at the beginning of the year? At that time, the market's reaction told me that everyone finally realized a long-ignored truth: exchange risks, custody risks, counterparty risks—these "operational" issues are actually more deadly than any technological innovation. We've spent so many years discussing DeFi, Layer2, cross-chain bridges, yet we stumbled on the most fundamental security defenses.

Then came the wave of tariff shocks. Bitcoin responded with a sharp decline, exposing the fact that crypto assets are inherently high-beta risk assets. This reminded me of the big swings in 2018 and 2020, but this time is different—institutions have entered the market, and they won't blindly buy the dip like retail investors. Instead, they will evaluate systemic risks more cautiously.

The GENIUS Act in July was the real turning point. Stablecoins moved from the gray area into a regulatory framework. What does this mean? It means the crypto industry is no longer an experimental fringe but is integrating into the traditional financial system. Circle is preparing for an IPO, Klarna is issuing stablecoins—these all point in the same direction—stablecoins are upgrading to financial infrastructure, not just trading tools.

But there's a paradox that has always kept me alert: market access is accelerating, but what about risk constraints? Bitcoin surged to $125,000 in October and then sharply dropped again, causing a liquidation wave of $19 billion. The resonance of ETP funds and high leverage amplified volatility—this is a new form of reflexive risk, and past history offers little protection for us.

Finally, that detail is also very meaningful—Do Kwon was sentenced to 15 years, finally settling the debts from the last cycle. Meanwhile, Circle and Ripple received approval to establish national trust banks—two extreme stories unfolding simultaneously.

The four trends for 2025 are correct: operational risk, macro correlation, infrastructural development, and volatility amplification. From this timeline, the crypto industry will never return to the "small and beautiful" era. An upgrade in risk awareness is inevitable; the question is, will the upgrade be fast enough?