After reading Arthur Hayes' lengthy article and Bruce's profound insights—

I only remember four words: Entrepreneurs, don't do it! Participants, don't accidentally become fodder!

Unless you control the distribution channels, don't engage in stablecoins. It's not that stablecoins can't be "created," but rather that "there's no place to issue them":

Hayes uses a full 13,000 words to tell us:

1️⃣ The essence of stablecoins is not "the right to mint," but "the right to distribute."

Without exchanges, social platforms, or banking channels, don't expect to take off.

2️⃣ The future of stablecoins is a lifeline for the dollar hegemony, a new colony for U.S. Treasury bonds.

Stablecoins have transformed from "rebels" into "legitimate private soldiers" of the dollar system;

They are no longer just internal assets of Crypto but may lead the next round of dollar exports as "pioneering carriers."

This trend is worth penetrating—possible future scenarios include:

1. U.S. regulations easing, creating a new structural bundling of U.S. Treasury bonds + stablecoins;

2. Stablecoins becoming "dollar accounts" for developing countries, massively replacing trust in local currencies;

3. A three-in-one model of de-banking + de-dollarization + stablecoin colonization emerging.

3️⃣ Distribution channels are completely shut off; new projects don't even have the qualifications to start:

Exchanges have already taken sides, social platforms are doing their own thing, and banks won't cooperate at all.

Anyone who does a PoC with you is just a grandson giving a PPT presentation.

4️⃣ Stablecoins are very profitable, and because of this, they have become the core of a new bubble:

IPOs, leverage, financial engineering, suit-wearing storytellers, hot money, revaluation…

This is not financial innovation; it's "delicate harvesting."

Hayes himself has long been at the top of the food chain:

BitMEX established his position, Ethena created a cash cow,

Now he is just watching the show while making money.

If you are not the owner of the distribution channel, stablecoins are not an entrepreneurial track; they are a casino game.

Don't talk about ideals, don't discuss narratives, don't mention ecosystems, and certainly don't talk about love.

The essence of this war is the division and incorporation of the "crypto version of the dollar minting right"…

If you want to speculate, speculate on it;

If you want to invest, invest in its stocks;

If you want to believe, believe that you can withdraw in time.

🧠 Understanding all this feels like it requires not just cognition but clarity.

Because the next round of hot money is already handing the knife to the dancers.

Let’s hope we don’t become fodder!

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