#稳定币 Seeing Circle launch the "bank-grade privacy" USDCx stablecoin, I have a few heartfelt words to say. Privacy, encryption, and anonymity have long been overused in the crypto world. Every time a new concept emerges, someone rushes in thinking they've found a tax haven or a tool to harvest retail investors.

But this time is a bit different. Privacy stablecoins do address a real need—hiding transaction history is valuable for normal users. Not everyone wants their on-chain footprint to be publicly traceable. The question is, when will we learn to distinguish between "legitimate privacy needs" and "facilitating illicit activities"?

Experience has shown me that every new track will attract bad actors. Privacy stablecoins can also be used as a front by certain projects to lure retail investors who want to "safely transfer assets." So my straightforward advice is: if you plan to use such products, ask yourself three questions first—Is the source of this money legal? Do I really need privacy features, or am I being misled by marketing? What do the audit reports and risk controls look like behind the scenes?

Don't be fooled by the words "bank-grade." Bank-grade privacy and bank-grade risk control are two different things. The former might be well-implemented, but the latter is what truly determines how long you can survive.