#稳定币发展与风险 Recent statements from the US Treasury Secretary in support of interest rate cuts may have some impact on the stablecoin market. From the data, expectations of rate cuts could drive capital from stablecoins towards risk assets. However, I believe it is still necessary to closely monitor the movements of large on-chain holders, especially the minting and redemption data of major stablecoins such as USDT and USDC. At the same time, we must also be vigilant about the potential economic risks behind the rate cuts. I advise investors to remain cautious and practice sound risk management. I will continue to track relevant indicators and provide you with more on-chain insights.