Odaily Planet Daily reports that on X platform, on-chain detective ZachXBT questioned Circle’s handling of the security incident, stating that “history has proven that Circle is a bad actor.”
ZachXBT said that about 10 hours ago, the SwapNet contract on the Base network was attacked, resulting in a loss of approximately $13 million USDC. Of these, about $3 million USDC remain in an address (0x6cAad74121bF602e71386505A4687f310e0D833e) that can be frozen by Circle, but no effective action has been seen so far.
He further questioned that as a centralized stablecoin issuer, Circle did not take timely action to protect user assets after an attack, and asked why developers are still willing to build applications based on USDC, believing that its centralization risk and governance approach have already impacted ecosystem trust.
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Gate Research Institute: Will stablecoins be able to meet the marginal demand for US dollars as the US dollar weakens in 2026?
Summary:
The depreciation of the US dollar results from a combination of declining real purchasing power, gradual strengthening driven by fiscal policy, and long-term changes in real interest rates and holding costs.
Traditional banking systems, constrained by regulation, capital requirements, and risk weights, generate spillover demand for US dollars, and stablecoins precisely fill this demand gap.
Differences in regulatory frameworks and business positioning lead to variations in collateral structures among different stablecoins, while internally, an implicit credit hierarchy also forms.
The quality, transparency, and credibility of stablecoin collateral and issuers are becoming key factors in determining their price stability, liquidity priority, and long-term funding preferences.
Once stablecoins reach a certain scale, they have begun to become an important structural force influencing short-term US dollar interest rates.
Looking ahead to 2026, stablecoins are more likely to serve as a "water reservoir" and distribution layer for the US dollar, with their reserve assets providing stable short-term US Treasury purchases, which in turn are influencing the dollar itself.
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