#稳定币 The recent policy storm has returned, with the seven major financial associations explicitly mentioning stablecoins, more specifically than ever before. But looking at historical data makes it clear—2013 ban on coins, 2017 ban on ICOs, 2021 shutdown of mining machines—each time they said it was the end, but what happened? Bitcoin still rose from $3,000 to $68,000.

The key is that the game rules have changed now. Twelve years ago, mainland China funds were dominant; now, Wall Street ETFs and institutions hold the pricing power. Policies can draw boundaries, but they can't stop the flow of global capital. In the short term, there will indeed be volatility—USDT negative premium is a signal, indicating some are eager to switch to fiat and exit. But in the long run, this is actually a process of filtering tracks and clearing overheated concepts.

For the "moon boys," the current strategy is clear: calmly observe CEX movements and platform restrictions, and avoid those RWA projects that claim to be compliant—these are just rebranded financing schemes. True opportunities often appear after a cleanup, just like the epic bull market in 2020 followed local regulatory crackdowns in 2019. Storms never stop the tide; they only change the course of navigation. When this round of adjustment passes, you'll understand what "bad news is good news" really means.