#稳定币监管风暴 [Core Interpretation of Stablecoin Regulatory Storm]

Global regulators are taking strong action, targeting three major risks of stablecoins:

1️⃣ **De-pegging Crisis**: The collapse of Terra triggered a chain reaction worth hundreds of billions of dollars, exposing the systemic defects of algorithmic stablecoins;

2️⃣ **Compliance Vacuum**: Giants like USDT have long lacked transparent reserve audits, which could become channels for financial money laundering;

3️⃣ **Sovereignty Impact**: Cross-border penetration of private stablecoins challenges the status of fiat currencies, and many countries are accelerating the counterattack of central bank digital currencies (CBDCs).

US and European regulations are being upgraded simultaneously:

🔷 Hong Kong implements a VASP licensing system, mandating a 30-day reserve audit;

🔷 The EU's MiCA Act requires 1:1 full reserves + bank-level licenses;

🔷 The Federal Reserve plans to include issuers in the commercial banking regulatory framework.

**Essence of the Storm**: The world is reconstructing the 'trust anchor' of stablecoins, ending the era of unregulated growth, and the pain of compliance will reshape the landscape of the crypto market.