#稳定币发展# Looking back at the development of stablecoins, it is truly poignant. From the early dominance of USDT to a later flourishing of various options, and now to increased regulation, each stage has its characteristics. The latest Fed minutes mention stablecoins eight times, highlighting their growing importance and influence. After the passage of the GENIUS Act, the use of payment stablecoins may increase, which will have profound implications for the financial system. On one hand, it could improve payment efficiency and increase demand for US debt; on the other hand, it may also affect the banking system and monetary policy. History tells us that any financial innovation is a double-edged sword. Currently, we must closely follow the development of stablecoins and seek a balance between efficiency and risk. After all, in the long run, only healthy and sustainable development can truly promote industry progress.