#稳定币立法#

Regulation of stablecoins has arrived. Can the DeFi ecosystem still grow "anarchically"?
The advancement of stablecoin legislation will directly change the underlying operation of DeFi. As the core tool of the "dollar anchor" in the DeFi system, the legal and compliant attributes of stablecoins determine the stability of the entire ecosystem. 
Once regulations require stablecoins to be bound to "real reserves" and compliant licenses, many existing DeFi protocols will face the risk of refactoring liquidation models or even "contract silos". Without compliant stablecoins, core businesses such as lending, trading, and collateral will lose their underlying liquidity. 
This is both a challenge and an opportunity for DeFi. The challenge is that the wave of retreat is inevitable, and early grassroots projects may be wiped out; The opportunity lies in the fact that compliant DeFi will be favored by mainstream finance and open a new channel for cooperation with institutions. 
In the future, the myth of "anarchy" in DeFi may come to an end, replaced by a new type of "compliance autonomy" financial laboratory. For developers, embracing regulation has become a survival strategy; For investors, finding a pool of compliant assets is the key to navigating the cycle.