Circle的IPO Sparks stablecoin狂热。我们是在重复Terra Luna的错误吗？亚瑟·海耶（Arthur Hay）警告潜在的稳定泡沫和监管挑战。

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

Stablecoin Mania：我们要去另一个Terra Luna倒塌了吗？

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，崩溃”的叙述又重新亮相了。我们注定要重复历史吗？通过Circle成功的IPO，一些专家正在发出警报，警告潜在的Stablecoin泡沫。让我们潜水。

Hayes' Warning: A Stablecoin Mania on the Horizon?

海耶斯的警告：地平线上的稳定狂热？

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联合创始人Arthur Hayes认为Circle的IPO可能点燃了新的加密泡沫。他预见了一种“稳定狂热”，在炒作中吸引的新发行人承诺增长，但最终是羊毛投资者。海耶斯指出，金融工程和杠杆作用的潜力掩盖了潜在的风险，这与Terra/Luna崩溃相似。

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.

他警告说，损害的程度在很大程度上取决于美国法规。宽松的监管环境可能会导致Terra/Luna的重复，在那里设计良好的算法稳定稳定剂，以高收益和杠杆作用支撑，爆炸，消耗了数十亿美元。

Distribution is King

分销是国王

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.

海耶斯强调了分销渠道的重要性。希望达到规模的任何Stablecoin发行人都需要获得加密交易所，Web2社交媒体巨头或传统银行。没有强大的分销网络，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，在这些警告中，中国的JD.com计划在全球范围内申请Stablecoin许可证。他们的目的是降低跨境支付成本并提高交易速度，这标志着中国对Stablecoins的立场可能转变，以前偏爱CBDC。

US Regulatory Landscape: The GENIUS Act

美国监管格局：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.

美国正在积极制定稳定法规。最近由参议院通过的《天才法》旨在建立一个监管框架，以促进加密货币部门的创新和增长。 Ripple Labs，Coinbase和Gemini都为这一举动称赞，将其视为向前迈出的重要一步。

Personal Thoughts: Proceed with Caution

个人想法：谨慎行事

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.

尽管Stablecoins提供了更快，更便宜的交易，但Terra/Luna崩溃却迅速提醒您所涉及的风险。海耶斯的警告应认真对待。投资者需要做作业，仔细检查稳定的基础机制，并了解监管格局。仅仅因为新事物是新的，并不意味着它是安全的。

The Bottom Line

底线

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)!

稳定空间正在迅速发展。从海斯的泡沫警告到JD.com的野心和《美国天才法》，发生了很多事情。可以肯定的是：搭扣，因为这将是一个疯狂的旅程！请记住，始终进行自己的研究。投资加密绝不应该仅基于炒作。现在去繁荣（负责任）！