#稳定币监管与发展 Seeing Jupiter launch the JupUSD stablecoin, I started thinking—why are all mainstream ecosystems rushing into the stablecoin race now?

The key point is here: **Infrastructure**. Stablecoins are not some high-end innovation; they are the "utilities" of on-chain finance—like water, electricity, and gas. Without them, even a thriving DeFi ecosystem is just a castle in the air.

What I find interesting about Jupiter's approach is the reserve structure—90% USDtb (endorsed by BlackRock BUIDL Fund) + 10% USDC buffer, plus Anchorage Digital's self-custody solution. This isn't about hype; it's about using compliance to build trust. Solana's approach in this regard is very clear: I won't compare decentralization philosophy with Ethereum; instead, I focus on building solid infrastructure so developers and users can have a smooth experience.

Looking at Infinex's token issuance failure—retail investors dissatisfied, whales unhappy, rules changed three times, and the bullish ratio dropped from 93% to 18%. This is a typical **trust collapse driven by short-term利益**.

For us to make gains, the opportunity lies here: a well-developed stablecoin infrastructure means lower costs for new projects, and the barriers to DeFi interaction are also decreasing. The recent moves in the Solana ecosystem indicate that a large number of lending and derivatives projects based on JupUSD will launch soon. These new projects often have "big airdrops" in their early stages—because they need to quickly attract users and gather interaction data.

Let's wait and see—the next round of opportunities to make gains in the Solana ecosystem should surpass those on Ethereum.