🔥 Today the information flow is a bit explosive, with several pieces of news coming in succession, it feels like the market is about to change drastically.

Let's start with the most direct good news: CME data shows that the probability of the Federal Reserve lowering interest rates in December has soared to 87.4%, and a further cut is likely in January. Even more explosive is that the odds of Hassett taking over as Federal Reserve Chair have skyrocketed from 55% to 78% in just one week—this policy shift is happening quite rapidly.

🎮 The industry side hasn't been quiet either. Sony Bank announced that it will issue a dollar stablecoin in the United States in 2026, focusing on payment for games and anime ecosystems. Meanwhile, this morning USDC Treasury directly destroyed 60 million USDC on Ethereum. The stablecoin sector is bustling with activity, both openly and behind the scenes.

📉 However, the figures for November do look bad: Bitcoin's return rate is -17.67%, marking the second lowest record in history; Ethereum is also bleak at -22.38%. It's worth noting that according to past trends, November should have been a harvest season, and this abnormal performance is indeed puzzling.

💥 The most concerning issue is still the USDT matter — the annual FUD is back:

Each USDT is indeed backed by 1.037 US dollars in assets, but the problem is that 0.15 dollars of that is in Bitcoin and gold. What does this mean? If BTC or gold were to crash, the assets could directly fall below the liabilities line. Moreover, for every coin Tether issues, it not only earns interest on US Treasuries but also effectively allows users to help it add 0.15 dollars of leverage.

However, the panic may be a bit overblown. It is estimated that Tether has distributed about $10 billion in dividends over the past 9 months, and it is very likely that it has "off-balance sheet" handled $20-30 billion of equity—the real safety cushion may be much thicker than the surface data suggests.

But the core contradiction cannot be escaped: Tether has already become a system-level stablecoin, and the market needs it to be 100% backed by US dollars, rather than using user funds to bet on directions and seek profits. Once this foundation of trust is shaken, the consequences are no joke.

🤔 I have a few questions and would like to hear your thoughts:

Can expectations of interest rate cuts really save the market? Or is it just another false drop?

Will this round of questioning about Tether change your usage habits? Will you switch to U?

What changes will the entry of traditional giants like Sony bring to the stablecoin landscape?

👇 Let's talk about your thoughts in the comments!

⚠️ Risk Warning: The market is highly volatile, and any decisions should be based on independent judgment. This article is for reference only.