Recently, many people have been asking me how I view the regulation of stablecoins. To be honest, this matter should have been addressed long ago.

From the day we first used USDT, we should have anticipated that it would get involved in the covert war of currency sovereignty. I previously wrote a set of logic on the "stablecoin war" — this thing is not fundamentally a technical issue, but rather a direct confrontation between the currency systems of various countries. Once the war is over, most countries' currencies may have to exit the stage of history.

Nowadays, many people like to compare the international landscape to the "New Three Kingdoms", with the three powers of China, the US, and Europe in a tripartite balance, or the game between China, the US, and Russia. However, I prefer to see the current situation as the "Warring States Period" — every player claims to represent justice, order, and civilization, but in reality, they are all desperately expanding: monetary boundaries, payment networks, capital flows, and even territories. Stablecoins are the sharpest and most covert weapon in this expansion. However, that said, if you can't win, it's better to join early; that's reality.

On the other hand, artificial intelligence is pushing human civilization into a completely unfamiliar realm. The order needs to be rewritten, industries need to be reorganized, and social classes must be reshuffled. No one can accurately predict what the future will look like, but it is certain that: a large number of jobs will disappear, a significant population will be kicked out of the production system, and traditional economic theories will also have to be rewritten in the wave of unemployment.

Everyone stands at the threshold of the unknown. I have talked before about RWA, the reshoring of American industries to transform AI, and the redistribution of wealth. But there is a question that no one can answer now: what will future society look like? Just like Tesla wants to create a car without a steering wheel, what kind of world will that be? How should we define the meaning of wealth?

What roles will BTC, ETH, and LDO play in this changing situation? The answer may be more complex than we imagine.