#稳定币 Seeing the minutes of the central bank's meeting, what comes to mind is the entire trajectory of stablecoin development over the past decade.

I still remember the crypto winter of 2014, when everyone urgently needed a value anchor to counteract volatility. The concept of the earliest stablecoins was born around that time. At that time, we looked at the birth of USDT, and honestly, it was controversial, but it solved the liquidity problem and became a "necessity" in the market. Later, algorithmic stablecoins and collateralized stablecoins emerged one after another, each claiming "this time is different," but most faded into obscurity under cyclical shocks.

This time, the central bank explicitly proposed a moderately loose policy, promoted the internationalization of the Renminbi, and steadily developed the digital yuan. These signals are actually redefining the ecological logic of stablecoins. It’s not the wild growth of USDT in the private sector, but a sovereign-backed digital currency system. I have experienced the ICO bubble of 2017, the bear market cleanup of 2018, and the regulatory storm of 2021. Each time, I pondered the same question: what is the ultimate form of stablecoins?

Now it seems the answer is emerging. When the central bank controls monetary policy tools and builds a cross-border payment system, the space for private stablecoins is being squeezed. This is not a crisis; rather, it is a sign of ecological maturity. Historically, any innovative financial product that is not incorporated into the framework of sovereign currency cannot go far in the long run.

In this cycle, the real opportunity may not lie in the innovation of stablecoins themselves, but in how to connect with the digital renminbi ecosystem and find a place in cross-border payments. This is the conclusion I have reached after over ten years of project evolution.