#稳定币监管与发展# Looking back at the past, the regulatory journey of stablecoins can be described as tumultuous. The SEC's recent update on the accounting rules for dollar stablecoins inevitably recalls the regulatory storm triggered by the Libra project in 2019. At that time, governments around the world expressed opposition, fearing it threatened financial stability and monetary sovereignty. Now, the SEC has adopted a more open attitude towards certain stablecoins, viewing them as "cash equivalents," indicating a shift in regulatory thinking.

Behind this transformation is the development and improvement of the stablecoin market over the years. From the initial USDT to later USDC, BUSD, and others, stablecoins have gradually established a more transparent reserve mechanism and stricter compliance measures. The market's self-purification and evolution have created conditions for regulatory openness.

However, the development of stablecoins still faces challenges. The Terra/UST collapse incident warns us that algorithmic stablecoins carry systemic risks. Moreover, the authenticity and adequacy of reserves for centralized stablecoins require more third-party audits for assurance. In the future, for stablecoins to truly become the "digital dollar", they need to continue improving in various aspects such as technology, governance, and regulation.

History tells us that financial innovation and regulation are often a tug-of-war. Excessively strict regulations can stifle innovation, while letting things run wild may lead to disaster. Finding a balance requires joint efforts from regulators and market participants. The SEC's recent rule update may just be a small step in that direction.