The regulation wave on stablecoins isn’t the sky falling—it's about to pull down even your underwear and check everything line by line.

Just now, I was watching $BTC 64,225. Nothing much was happening there, but the on-chain liquidation data was jumping like needles stabbing. The 15x-leverage long positions were batch-liquidated at around 0.03; $MANA was the same, with 0.07 being wiped out on target.

This kind of market action feels like hearing the dull rumble of a hillside cracking before an avalanche.

At that moment, I had just one thought: It’s over—the stablecoin circle is about to be peeled for every last layer. The U.S. Federal Reserve requires stablecoins to meet bank-level standards. It sounds high and mighty, but in reality, it means shutting down all the steps where people do arbitrage and set up liquidity pools, one by one.

What standards do banks have? Capital adequacy ratios, stress tests, and reserve requirements.

Put this on stablecoins: every time you issue more tokens, you must have 100%—or even 120%—of high-quality assets sitting on the books. Those that rely on circular collateralization and yield protocols to grow size? This time, they directly hit the muzzle.

What I see is that this isn’t just trying to scare people—this is the real deal. Previously, when an institution sued an exchange, the market could still say “it’ll be digested soon,” but with bank-level regulation rolling out, it involves the underlying asset structure of the entire stablecoin system.

Projects that don’t have real, hard reserves in hand will have their liquidity leak away like sand.

For $BTC and $ETH, this is actually good news. Funds are squeezed out of alt stablecoins, and in the end they still flow back into Bitcoin ETFs and top-tier assets. The fact that a certain institution’s IBIT has continued to see net inflows is the leading signal for this logic.

Do you think stablecoins being regulated means the bad news is already over, or is it the night before the crash?
$STABLE #我的Gate交易时刻 #美伊谈判推迟