$USDC China Economic Net "Economic Daily" published an article today titled "The Instability Risks Behind Stablecoins" stating that the stablecoin market has been heating up recently, with Circle's stock price soaring 168% on its first day of trading, attracting significant market attention. Currently, the global stablecoin market capitalization reaches 250 billion USD. The analysis suggests that stablecoins can bypass some traditional intermediaries, enabling direct payments, storage, and value transfer on the blockchain, which is practically significant in scenarios requiring high-frequency trading, cross-border transfers, and digital economy settlements. However, when there is insufficient reserve or large-scale redemptions, stablecoins may face decoupling risks. A comprehensive regulatory framework for stablecoins has yet to be fully established globally, leading to potential risks such as regulatory arbitrage. If countries diverge in their regulatory standards in the future, the global circulation of stablecoins may be hindered. Currently, stablecoins still face a series of challenges and uncertainties, with the core issue being their high dependence on the liquidity and credit safety of the anchor assets.