#稳定币发展与监管# Looking back at the development history of stablecoins, one can't help but feel a surge of emotions. From the earliest Tether to the current Sky, we have witnessed the ups and downs of this field. Today, Sky has received a B- rating, which, although still speculative, marks a milestone progress. Who would have thought back then that DeFi protocols could also gain recognition from mainstream rating agencies? This is not just an achievement for Sky, but also signifies that the entire industry is gradually maturing.

Of course, this rating also exposes some issues. A high reliance on founders and a high concentration of depositors are all well-known risk points. The uncertainty of regulation is like the sword of Damocles hanging over us. Looking back at the regulatory storm experienced in the traditional financial sector after the 2008 financial crisis, the DeFi space is likely to be no exception.

However, the steady performance of Sky since 2020 is indeed commendable. A circulation of $7.9 billion is sufficient to demonstrate the market's trust in it. In the long run, this rating may encourage more DeFi projects to actively seek assessments, enhancing transparency. This is beneficial for the healthy development of the entire industry.

Looking to the future, I believe that stablecoin projects need to find a balance between the principles of decentralization and risk control. Over-reliance on individual or centralized decision-making will ultimately struggle to become a true financial infrastructure. At the same time, how to maintain innovative vitality while meeting increasingly stringent regulatory requirements will also be a huge challenge. History tells us that only projects that can withstand the dual tests of the market and regulation can truly establish themselves and become the vanguard of the times.