Circle的IPO Sparks stablecoin狂熱。我們是在重複Terra Luna的錯誤嗎？亞瑟·海耶（Arthur Hay）警告潛在的穩定泡沫和監管挑戰。

Stablecoin Mania: Are We Headed for Another Terra Luna Collapse?

Stablecoin Mania：我們要去另一個Terra Luna倒塌了嗎？

The 'Stablecoin, Terra Luna, Collapse' narrative is back in the spotlight. Are we doomed to repeat history? With Circle's successful IPO, some experts are sounding the alarm, warning of a potential stablecoin bubble. Let's dive in.

“ Stablecoin，Terra Luna，崩潰”的敘述又重新亮相了。我們注定要重複歷史嗎？通過Circle成功的IPO，一些專家正在發出警報，警告潛在的Stablecoin泡沫。讓我們潛水。

Hayes' Warning: A Stablecoin Mania on the Horizon?

海耶斯的警告：地平線上的穩定狂熱？

BitMEX co-founder Arthur Hayes believes Circle's IPO might have ignited a new crypto bubble. He foresees a "stablecoin mania," where new issuers, lured by the hype, promise massive growth but ultimately fleece investors. Hayes points to the potential for financial engineering and leverage to mask underlying risks, drawing parallels to the Terra/Luna collapse.

Bitmex聯合創始人Arthur Hayes認為Circle的IPO可能點燃了新的加密泡沫。他預見了一種“穩定狂熱”，在炒作中吸引的新發行人承諾增長，但最終是羊毛投資者。海耶斯指出，金融工程和槓桿作用的潛力掩蓋了潛在的風險，這與Terra/Luna崩潰相似。

He cautions that the extent of the damage depends heavily on US regulations. A lax regulatory environment could lead to a repeat of Terra/Luna, where a poorly designed algorithmic stablecoin, propped up by high yields and leverage, implodes, wiping out billions.

他警告說，損害的程度在很大程度上取決於美國法規。寬鬆的監管環境可能會導致Terra/Luna的重複，在那裡設計良好的算法穩定穩定劑，以高收益和槓桿作用支撐，爆炸，消耗了數十億美元。

Distribution is King

分銷是國王

Hayes emphasizes the importance of distribution channels. Any stablecoin issuer hoping to achieve scale needs access to crypto exchanges, Web2 social media giants, or traditional banks. Without a robust distribution network, success is unlikely.

海耶斯強調了分銷渠道的重要性。希望達到規模的任何Stablecoin發行人都需要獲得加密交易所，Web2社交媒體巨頭或傳統銀行。沒有強大的分銷網絡，成功就不太可能。

JD.com's Stablecoin Ambitions

JD.com的Stablecoin野心

Interestingly, amidst these warnings, China's JD.com is planning to apply for stablecoin licenses worldwide. They aim to reduce cross-border payment costs and improve transaction speeds, marking a potential shift in China's stance on stablecoins, previously favoring CBDCs.

有趣的是，在這些警告中，中國的JD.com計劃在全球範圍內申請Stablecoin許可證。他們的目的是降低跨境支付成本並提高交易速度，這標誌著中國對Stablecoins的立場可能轉變，以前偏愛CBDC。

US Regulatory Landscape: The GENIUS Act

美國監管格局：天才法

The US is actively working on stablecoin regulations. The GENIUS Act, recently passed by the Senate, aims to establish a regulatory framework that fosters innovation and growth in the cryptocurrency sector. Ripple Labs, Coinbase, and Gemini have all applauded this move, viewing it as a significant step forward.

美國正在積極制定穩定法規。最近由參議院通過的《天才法》旨在建立一個監管框架，以促進加密貨幣部門的創新和增長。 Ripple Labs，Coinbase和Gemini都為這一舉動稱讚，將其視為向前邁出的重要一步。

Personal Thoughts: Proceed with Caution

個人想法：謹慎行事

While stablecoins offer potential benefits like faster and cheaper transactions, the Terra/Luna collapse serves as a stark reminder of the risks involved. Hayes' warnings should be taken seriously. Investors need to do their homework, scrutinize the underlying mechanisms of stablecoins, and understand the regulatory landscape. Just because something is new and shiny doesn't mean it's safe.

儘管Stablecoins提供了更快，更便宜的交易，但Terra/Luna崩潰卻迅速提醒您所涉及的風險。海耶斯的警告應認真對待。投資者需要做作業，仔細檢查穩定的基礎機制，並了解監管格局。僅僅因為新事物是新的，並不意味著它是安全的。

The Bottom Line

底線

The stablecoin space is evolving rapidly. From Hayes' bubble warnings to JD.com's ambitions and the US GENIUS Act, there's a lot happening. One thing is for sure: buckle up, because it's going to be a wild ride! And remember, always do your own research. Investing in crypto should never be based on hype alone. Now go forth and prosper (responsibly)!

穩定空間正在迅速發展。從海斯的泡沫警告到JD.com的野心和《美國天才法》，發生了很多事情。可以肯定的是：搭扣，因為這將是一個瘋狂的旅程！請記住，始終進行自己的研究。投資加密絕不應該僅基於炒作。現在去繁榮（負責任）！