It's not a slow decline; it's a direct crash.
Circle's stock price plummeted nearly 20% in one day, the worst day since its listing.
Coinbase followed suit, dropping nearly 10%.
Who do you think has collapsed again?
No.
This time there are two pieces of news that have stunned the entire market.
First item: Tether is finally going to conduct a full audit.
The Big Four accounting firms have come in and signed a complete financial statement audit contract.
In the past, USDT has always been criticized for being "opaque," and USDC has leveraged this to suppress it for several years.
Now it's good, Tether has directly bridged this gap.
Second item: The new law has arrived.
(Clear Act) - The name sounds mild, but the content is directly piercing.
The platform is prohibited from paying any passive interest on stablecoins.
You can't earn interest on what you keep in your wallet.
Holding means making money? No.
Only actual trading, payment, and usage scenarios are allowed to provide rewards.
What does it mean?
The days of making money while lying down are over.
The regulatory attitude is very clear: stablecoins are for payment, not for you to store and earn interest.
Banks are scared, afraid that deposits will all run into stablecoins.
So there will be a sharp cut.
The market response is very direct -
Platforms that used to rely on 'holding equals earning' will all need to reorganize.
In the short term, users can't be retained, and income will drop.
But what about the long term?
On the contrary, it's a good thing.
Regulations are clear, and transparency is increased,
only large funds dare to come in.
Stablecoins are transforming from a small experiment in the crypto circle,
into a serious digital infrastructure for cross-border payments and financial settlements.
To put it bluntly -
It used to be a wild path, but now licenses are required.
Don't panic,
the ones panicking are those platforms that can only lie down and earn interest.
Those who are serious about doing things,
the path has actually become wider.