Whether it's Circle's stock price plummeting or hundreds of authoritative institutions working together on stablecoins, my perspective has been consistent from the start: 1. Stablecoins, like other products in the crypto space, fulfill the demand for 'regulatory evasion.' 2. As they scale up, compliance becomes inevitable, making it impossible to evade regulation, and demand decreases instead. 3. Once compliant, stablecoins are not much different from traditional digital dollars. 4. Stablecoins still rely on crypto applications.