西塔伦

The logic of income-generating stablecoins (YBS) mimics the banking industry; this is just the surface. It also needs to address where user income comes from, how it is generated, and how to maintain the long-term operation of the project. The collapse of DeFi projects is commonplace in finance, as evidenced by SBF's incarceration, but the systemic risk from Silicon Valley Bank requires immediate action from the Federal Reserve.
Era of Excess Leverage
Seeking profit reflects product thinking; in financial terms, it expresses speculation, while significant price differences are the source of arbitrage, and long-term volatility requires risk hedging.
The opposite of the principle's movement, after introducing computer technology, the financial industry has undergone three stages in quantitative speculation:

What is Elliott Wave Theory?
Elliott Wave Theory is a technical analysis method developed based on human nature and market sentiment. It was first proposed by economic philosopher Ralph Nelson Elliott in 1938 in his work 'The Wave Principle'.
Elliott observed that price fluctuations in financial markets are not completely random but exhibit a wave structure that has regularity and repetitiveness. These fluctuation patterns reflect the emotional ups and downs of the market crowd, thus having a certain predictability.

Once again, I am impressed by Bitcoin's excellent design.
DeepSeek R2 did not debut in May as rumored but underwent a minor version update (R1) on May 28. Musk's Grok 3.5 has also frequently missed deadlines, and it is more reliable to hear a sound from Starship.
Under the fervent push of massive capital, the scaling law in the large model field has completed its lifecycle faster than Moore's Law in chips.
If software, hardware, and even human lifespan, cities, and nations all have their limits of scale effect, then the blockchain field must also have its own rules. As SVM L2 enters the coin issuance cycle and Ethereum returns to the L1 battlefield, I attempt to mimic the scale law and provide a cryptographic version.

In the past year, the primary market of the crypto industry has been sluggish, with some reverting to a pre-liberation state. In this 'bear market', various human natures and regulatory loopholes of 'decentralization' have been laid bare. Market makers, who should be the 'helpers' for new projects by providing liquidity and stabilizing prices, have seen a cooperation method called the 'loan option model' widely misused by some unscrupulous actors during the bear market, quietly harming small crypto projects and causing a collapse of trust and market chaos. Traditional financial markets have also encountered similar issues, but they have relied on mature regulations and transparent mechanisms to minimize harm. I believe the crypto industry can learn something from traditional finance to resolve these issues and build a relatively fair ecosystem. This article will delve into the operation of the loan option model, how it digs pits for projects, comparisons with traditional markets, and an exploration of the current situation.

Reports indicate that Visa is joining the Global Dollar Network (USDG) stablecoin alliance. According to unnamed sources cited by CoinDesk on Monday (April 14), the company will be the first traditional financial institution to join the alliance, which will share profits with participants that create connectivity and liquidity. In an email interview with PYMNTS, a Visa spokesperson stated that the company does not comment on rumors or speculation.
According to CoinDesk, USDG members include Paxos, Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, and Nuvei. Reports in November indicated that the Global Dollar Network launched a joint stablecoin pegged to the dollar, aimed at accelerating the use of stablecoins globally and promoting an asset that offers corresponding economic benefits to its partners. In the press release announcing the formation of the alliance on November 4, the Global Dollar Network stated that membership is open to custodians, exchanges, payment fintech companies, merchants, protocols, card networks, banks, and investment platforms. The company added that the network will focus on the Global Dollar (USDG), the stablecoin issued by Paxos in Singapore.

Stablecoin Supercycle
The non-dollarization of YBS's native yields, such as using more pure on-chain assets like BTC/ETH/SOL for staking;
YBS 'Lego' combinations, Pendle is just the beginning, and more DeFi protocols need to support YBS until the emergence of on-chain USDT;
Payment products are not technically difficult, and earning interest is conducive to customer acquisition, but the main challenges lie in compliance and the expansion of business scale. Even with USDT/USDC, payments mainly serve as 'middleware' for backend clearing, with direct use as a trading medium being rare.
A triple massacre of stocks, bonds, and currencies within 100 days, accelerating the disintegration of the fiat currency order.

Hello friends, today we will talk about USDT and USDC. These two names look very similar and are both U.S. dollar-pegged stablecoins. Why is there a price difference between them? What are their differences and characteristics? The U.S. dollar-pegged stablecoins USDT and USDC are both pegged 1:1 to the U.S. dollar. For every 'minted' USDT/USDC, there will be 1 U.S. dollar backing it to redeem it later. Imagine the scenario in an arcade: when you enter the arcade, 1 yuan exchanges for 1 game token, this is 'minting'; when you leave the arcade and want to exchange the game token back to Renminbi, this process is 'burning', which means you return the game token to the owner who will give you back the money. What is the biggest risk here? It's fund misappropriation. The arcade owner claims his game tokens can be exchanged 1:1 for Renminbi; logically, if he 'mints' 200 game tokens, he should have 200 yuan backing them for anyone to redeem at any time. However, if he does something bad and misuses the funds, he might mint 200 game tokens but secretly spends 100 yuan. At this point, he should destroy 100 game tokens to balance it, but he doesn't. Now, 200 game tokens only correspond to 100 yuan. If the holders don’t realize this, small exchanges can still operate normally, but once a run occurs, late redeemers won't be able to get their money back. Therefore, for stablecoins pegged to certain assets, the assets behind the issuer are the key factor to the stability of the stablecoin.

People take two years to learn to talk, and then spend a lifetime learning to be quiet. In the clamor of the cryptocurrency world, success and fame are synonymous; there is virtually no distance between traffic and monetization, because it revolves around asset issuance and recovery, also known as wealth redistribution, and becoming famous becomes a necessity for every practitioner. VC is no longer high-end but is keen on daily Twitter surfing for project links; CEXs have transformed into emotional spa masters, tossing information back and forth in X/TG/WeChat groups to ensure public relations crises are manageable; male and female business development personnel linger between traffic and wandering, burning high salaries in the secondary market seeking the dream of getting rich quickly. If one is lucky enough not to step into these pitfalls, or to escape crisis public relations by luck, they will gain the largest traffic. Using the formula, traffic can instantly turn into trading volume. Some say Binance's profit is $50 billion, while others say Bitget's year-end bonus is 50 months. Truth and falsehood coexist, but the leading position is unquestionable. However, how long can the lead last?

In the 25-meter deep gold vault of the New York Federal Reserve Bank, 9,000 tons of gold bars lay dormant while a silent war over the future of currency spread globally. Virtual currencies like Bitcoin and USDT superficially represent decentralization, free trade, and payment convenience, but have effectively become part of the global financial landscape, even serving as important tools for maintaining dollar hegemony.
While people are immersed in the fantasy of the blockchain revolution, the U.S. Treasury, Wall Street, and the Bank for International Settlements (BIS) have already laid out a sophisticated chess game on the digital currency board—Bitcoin has become a 'reservoir' for absorbing excess dollars, while stablecoins like USDT serve as new channels for dollar circulation, together constructing an invisible currency dominance network.

Recently, new coins have generally experienced a 'halving' of 60% or even higher, a phenomenon that not only reveals the high risks of the cryptocurrency market but also highlights that new coin projects generally lack long-term value support. In this bull market, established projects like Bitcoin (BTC) and Ethereum (ETH) still dominate, while a large number of new coins have become short-term speculative tools due to a lack of consensus and application scenarios, even going directly to zero. The 'new coin craze' in the crypto market is gradually revealing its essential problems—excessive speculation, and a serious lack of innovation and actual value.

A "war" without the smoke of gunpowder is about to begin.
After half a year, the central bank has increased its gold holdings again. Currently, the central bank's gold reserves have reached 2,068 tons! The market value exceeds 200 billion US dollars!
Why does the central bank buy gold?
In fact, not only the People's Bank of China, but also the central banks of major countries in the world are increasing their holdings of gold!
The reason behind this is also very clear, that is, it is out of distrust of the credit of paper currency, to be precise, distrust of the US dollar.
This distrust is reflected in two aspects.
First, the world has suffered from the dollar hegemony for a long time.
The US dollar is the world currency, but the US monetary policy only looks at its domestic economic situation and ignores the life and death of other countries.

Recently, it seems that a historic confrontation is taking place in the global financial markets, namely the war between gold and Bitcoin.
Since Trump's election, Bitcoin has skyrocketed, surpassing $100,000, with a gain of over 40%. In contrast, gold started to decline from the moment Trump began leading in election votes. In fact, from the time Trump was ahead in the elections, I stopped being bullish on gold.
Trump mentioned incorporating Bitcoin into the national reserves, but it should be noted that every member of his team holds Bitcoin, so whether this is for personal gain is known only to him.