Musk's public dispute with Trump has indeed raised a lot of eyebrows, but is it just a superficial hilarity that is actually trying to cover up deeper financial problems? On the surface, it may seem like a discussion about the value and liabilities of digital assets, but in reality, industry heavyweights may be quietly shifting their strategic focus from USDT to USDC, while the Trump family has launched its own USD1 stablecoin. This seems to indicate that the stablecoin business may be the most profitable area of the cryptocurrency ecosystem, essentially trading assets recognized by a few for assets recognized by the majority.

The scope of this issue is actually very broad. A metaphor can be made: if a cookie is originally priced at one yuan, but wholesalers acquire it for eight jiao, five jiao, or even at zero cost, this vicious cycle will ultimately lead to the devaluation of the cookie, as it goes against the natural laws of the market. True stability needs to be built on a constant foundation. However, in reality, even traditional safe-haven assets like gold can rise from over three hundred to over six hundred, and this volatility is far from the concept of "constancy."

Interestingly, in this environment, HYPE has shown relative stability, which raises the question of whether there is a strong support force behind it. While mainstream assets are undergoing significant fluctuations, the relative stability of certain emerging tokens is indeed noteworthy, which may reflect the new patterns and shifts in power structures that are forming in the digital asset market.