#稳定币监管风暴 【Core Interpretation of Stablecoin Regulatory Storm】

Global regulatory measures are coming down hard, targeting the three major risks of stablecoins:

1️⃣ **Depegging Crisis**: The collapse of Terra triggered a chain reaction worth billions, exposing systemic flaws in algorithmic stablecoin systems;

2️⃣ **Compliance Vacuum**: Giants like USDT have long lacked transparent reserve audits, raising concerns of becoming channels for financial money laundering;

3️⃣ **Sovereign Shock**: Private stablecoins' cross-border penetration challenges the status of fiat currencies, prompting many countries to accelerate countermeasures with Central Bank Digital Currencies (CBDC).

US and EU regulatory upgrades are happening simultaneously:

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

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

🔷 The Federal Reserve plans to bring issuers under commercial bank regulatory frameworks.

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