#稳定币争议 Looking back in history, the risks and controversies surrounding stablecoins have never ceased. Hayes' warning about Tether reminded me of the trust crisis Tether faced for the first time in 2018. At that time, the market also panicked due to rumors of Tether's insufficient reserves. But ultimately, Tether weathered the storm and grew stronger in the subsequent bull market.

The current situation is a bit different. Tether has indeed held more high-risk assets, aiming to cope with a potential environment of interest rate cuts. But this strategy also introduces new risks. If Bitcoin and gold plummet, Tether could indeed face the risk of insolvency.

However, I believe market trust in Tether has far surpassed previous levels. Even in the event of a bank run, Tether has enough liquidity and profit buffers to respond. The real risk may come from regulation. If regulators require Tether to be more transparent or restrict its investment strategies, that would be the true challenge.

Overall, Tether's controversy reflects a core issue in the entire cryptocurrency industry: how to balance profit pursuit with maintaining stability. There is no standard answer to this question; it requires continuous trial and error and adjustments by the market. For investors, diversification of risk is always a wise choice.