#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 Terra collapse triggered a chain reaction of hundreds of billions of dollars, exposing the systemic flaws of algorithmic stablecoins;

2️⃣ **Compliance Vacuum**: USDT and other giants have long lacked transparent reserve audits, potentially becoming channels for financial money laundering;

3️⃣ **Sovereignty Impact**: Cross-border penetration of private stablecoins challenges the status of fiat currency, with many countries accelerating the response with Central Bank Digital Currencies (CBDC).

US and European regulation is upgraded simultaneously:

🔷 Hong Kong implements the VASP licensing system, mandating 30-day reserve audits;

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

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

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