#稳定币 When I saw these two news stories, my mind flashed back to the 2017 crypto war. Back then, stablecoins were still a new concept, and no one really knew what they should be. Now, the US Congress is fighting over whether "stablecoins should be linked to yields," honestly, that's a good sign.

I remember when USDT first appeared, the market's trust in it was very low. Every time there was a slight movement, panic selling would follow. But it survived because the market needed it. Now, the US banking industry wants to impose additional restrictions on top of the GENIUS Act, and the core anxiety is quite clear—they're afraid stablecoins will turn into another type of money market fund, threatening the traditional financial system.

This negotiation was pushed from December to January. It seems delayed, but in reality, it reflects a deeper game. Democrats, Republicans, the White House, and the crypto industry—all have their own plans. Interestingly, bank CEOs are stepping in personally this time, indicating they have realized—stablecoins are not something to be eliminated, but something to be regulated.

Back in 2014, we all thought digital assets would directly disrupt the financial system. Now, it appears that the true evolution is: regulation, coexistence, and integration. The future of stablecoins doesn't depend on how radical they are, but on the framework within which they are ultimately institutionalized and accepted. This delay in negotiations, to some extent, signals the maturity of the entire ecosystem. When regulators are willing to sit down and discuss details one by one, it indicates that the game rules are about to be truly established.