#稳定币市场竞争与发展 Seeing the recent discussions in the stablecoin market reminded me of a common misconception among many investors.

People often focus on the high returns of new products but overlook an essential issue: the core value of stablecoins is "stability," not "growth." USDT and USDC are widely adopted precisely because they are sufficiently safe and reliable, and this trust has been built over many years.

Generation 1.5 products are indeed innovative, but with innovation comes risk. FDUSD is limited by fiat on-ramp friction, and while USD1 is fundamentally solid, all new things require time for validation. This is not to say they are not worth paying attention to, but when allocating, you must think clearly about how much uncertainty you can tolerate.

Market competition is beneficial and will drive industry development, but for us ordinary investors, the most important thing is the old adage: **Do not waver in your commitment to safety just because of high returns**. Your stablecoin holdings should be the most "boring" part of your overall assets; the more boring it is, the more it indicates that it is doing its job seriously.

Trying out new things with small amounts is fine to understand them, but your core holdings should still be in those options that have stood the test of time. In the long run, this restraint will save you a lot of trouble.