#稳定币市场动态 After going through multiple stablecoin storms, the market seems to have finally迎来了新的曙光. Ethena's USDe and sUSDe have attracted over $14 billion in deposits since their launch, highlighting the strong demand for stable and yield-generating encryption assets. This inevitably reminds me of the launch of BitUSD in 2014, which also sparked a wave of excitement. However, history always repeats itself, and we must not forget the painful lessons of Terra/LUNA.

The UAE's M2Capital investing 20 million USD is undoubtedly an important endorsement for Ethena. It reminds me of the scene in 2018 when Circle received investment from Goldman Sachs, which was also seen as recognition of the encryption industry by traditional finance. However, we should be cautiously optimistic. Over the past decade, I have witnessed too many fleeting projects and have seen many cases where "big players' support" ultimately ended in failure.

In the long run, this investment may signal a quiet shift in the role of the Middle East in the global digital asset landscape. Looking back at the ambition of Dubai when it launched emCash in 2017, and comparing it to today's layout of M2Holdings, we can clearly see a gradually forming development trajectory.

However, as someone who has experienced multiple bull and bear cycles, I must remind everyone: any emerging thing needs the test of time. Ethena's model is indeed innovative, but its long-term stability still needs to be validated by the market. We should stay attentive and also be prepared for risk management. After all, in this rapidly changing world of encryption, today's star may become tomorrow's lesson.