2025-12-24 17:22:36

When Circle was about to go public, I realized that the stablecoin ecosystem was quietly shifting. It's not just about having a new publicly listed company, but a paradigm shift across the entire sector — stablecoins are starting to discuss financial reports, profits, and compliance. From being dollar replicas on the chain, they are becoming financial products that the capital markets need to evaluate. At first glance, it seems safer, but in reality, there is a hidden turning point: when stablecoins become

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PanicSeller

· 4h ago

Basically, the dream of decentralization has been shattered, and now we have to rely on financial statements to speak.

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DefiPlaybook

· 4h ago

According to on-chain data, this shift in the stablecoin market structure indeed marks a transition of the TVL focus from purely on-chain to traditional financial channels, accounting for approximately over 65%. It is worth noting that once a listed company governance framework is introduced, the autonomy of smart contracts begins to be eroded by institutional variables like the SEC. From a risk control perspective, this essentially re-concentrates the originally distributed risks—sounds safe, but in reality, your counterparty risk is directly upgraded from the protocol layer to corporate credit risk, which is inherently more fragile.

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SmartContractPlumber

· 4h ago

Once a stablecoin is launched, it becomes a target for capital scrutiny. When the financial report cycle comes out, it actually becomes a new risk point... Compared to the chaos on the chain, I am more concerned about the vulnerability in access control behind the audit report.

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RugPullAlertBot

· 4h ago

Once stablecoins are listed, they have to tell a story and talk about profits. The turnaround is a bit too quick, isn't it?

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LiquidatedThrice

· 4h ago

Once stablecoins are listed, you have to look at the financial reports, and that's the end of it. You can never go back to the pure on-chain approach.

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