#稳定币风险 Reflecting on the development history of stablecoins over the years, the recent S&P downgrade of USDT has prompted me to contemplate deeply. From the earliest dollar-pegged stablecoins, to the rise and fall of algorithmic stablecoins, and now to the emergence of centralized transparent stablecoins, each transformation contains profound lessons.

As the leading stablecoin, USDT once led the industry’s development. But now, facing doubts over high-risk reserves and insufficient information disclosure, it must be considered a wake-up call. Conversely, newcomers like USDC have gained better reputation due to higher transparency, and this shift in the balance is quite poignant.

History tends to repeat itself. When Bitcoin first appeared, it was also criticized for opacity and risk concerns. However, through continuous improvement, it ultimately gained market recognition. For USDT, this downgrade may serve as a turning point and an opportunity for enhancement.

Looking at the entire trajectory of the cryptocurrency industry, every crisis has spurred new opportunities and innovations. We have reason to believe that after this incident, the stablecoin track will evolve toward greater transparency and stability. For investors, it’s also a good time to reassess risks.