Japan's inflation has exceeded that of the United States for the first time in 30 years, while dumping $530 billion in U.S. Treasury bonds—what do these two events combined mean?

To put it simply: Japan, which has relied on "printing money" to support global liquidity for decades, is now starting to reverse this trend. U.S. stocks, U.S. bonds, and cryptocurrencies, all assets that depend on liquidity, will have to face this wave of capital withdrawal.

When the tide really goes out, many people will understand a painful fact - the value foundation of most assets is actually fragile and vulnerable. They all rely on the central bank's liquidity to survive, and once the liquidity stops, they realize they are not wearing any clothes.

As U.S. Treasury yields soar and Bitcoin fluctuates wildly, a lot of people are frantically searching for a "safe haven." But the core of the problem isn't here. The real issue is: is there a lack of a truly reliable "stabilizer" between the traditional financial system and high-risk crypto assets?

This brings us back to an old topic - stablecoins.

There are a lot of stablecoins in the market, but most are backed by a single dollar, essentially betting on the hegemony of the dollar. When dollar policies shift and global liquidity tightens, their "stability" becomes a bit fragile.

What can truly be useful should be something like this: it does not rely on the monetary policy of a single country, has transparent reserves and algorithmic guarantees, and can maintain the stability of purchasing power amid market fluctuations. This type of stablecoin is not meant to generate high returns, but to serve as a "stabilizing force."

When the policies of fiat currencies like the US Dollar and Japanese Yen shift dramatically, such stablecoins can provide a continuous and reliable reference frame for the crypto world. It's not that they can help you make a fortune, but rather that they can maintain a credible value anchor for your assets amidst volatility.

This is exactly what stablecoins should do in the new era.