Garrett Jin: Trading platforms that take the lead in establishing stablecoin funds will attract capital inflows and promote industry development

Mars Finance reported that on October 13th, Garrett Jin, a whale who previously publicly sold over $4.23 billion worth of BTC to convert to ETH, wrote, "The deeper problem in the crypto industry lies in trading platforms offering high leverage on assets lacking intrinsic value to satisfy user demand and increase profits. This type of high leverage has traditionally only existed in the foreign exchange market, where the underlying assets are value-backed, volatility is low, and liquidity is provided by banks. If trading platforms continue to offer extremely high leverage, they should at least establish a mechanism similar to a stabilization fund, like the US stock market, to provide liquidity support during crises. Only in this way can trust be restored, capital inflows be attracted, and the healthy development of the market be promoted. The October 11th crash once again demonstrated the critical need for liquidity support during periods of extreme volatility. Trading platforms that are the first to establish stabilization funds will not only attract capital inflows but also drive the entire industry forward."