For the first time in thirty years, the Bank of Japan raised interest rates, yet it faced an ironic situation - the interest rate was increased to 0.75%, and the yen instead plummeted, with the exchange rate piercing the 157 mark directly, setting a new low in decades.

This is not a simple market reaction, but a global carnival called "real interest rate arbitrage." Investors are targeting the low-cost advantage of the yen, frantically borrowing and converting to dollar assets, making a fortune from this price difference. This force has quietly become an invisible driving force for the liquidity of global risk assets—including Bitcoin.

The lessons of history are very stark. In the past three rate hikes by the Bank of Japan, Bitcoin was each time smashed down by 20%-31%. Now the yen is still depreciating, and arbitrage trading is still draining market liquidity. It seems calm on the surface, but this calm is very fragile. Once the Japanese authorities intervene in the exchange market, or when an unexpected rate hike occurs, at the moment when arbitrage trades collectively close positions, global assets will be hit simultaneously.

This actually raises a fundamental question: When a country's currency is hijacked by debt, interest rate games, and foreign exchange interventions, what can investors still rely on? Is there a need to find a form of global asset that transcends the credit of a single country, which is more stable and autonomous?

This is exactly what decentralized stablecoins aim to achieve. Its value is not reliant on Central Bank decisions, nor is it affected by foreign exchange interventions, but is maintained through on-chain over-collateralization and completely transparent reserves. In an era of frequent fluctuations in sovereign monetary policy, this design logic is worth paying attention to.