The SEC's Stablecoins Statement states that these 1:1 stablecoins anchored to the US dollar are backed by low-risk asset reserves, and issuers can exchange them on demand at any time. The SEC stated that this stablecoin is primarily used for payments, transfers, and storing value, and is not an investment tool at all, so it is not subject to securities laws. However, this statement, like all staff statements, does not have legal effect: it will not change or amend applicable laws, nor will it create new or additional obligations for anyone. Core points: 1. Market mechanism: How to stabilize the price of stablecoins? The issuer will coin or redeem according to market demand, and the supply-demand balance will directly bring the price back to 1 US dollar. Retail investors can also buy and sell in the secondary market, and have a flexible batch. 2. Reserve assets: The issuer must hold US dollars or other low-risk assets as reserves, which can be redeemed at any time and are not allowed to be used for speculation. Safety comes first! 3. Legal analysis: The SEC used the Reves test and Howey test, and concluded that stablecoins do not meet the definition of "securities" because buyers are not driven by "investment returns", but rather by consumer demand. 4. Risk Warning: Although not regulated by securities laws, the SEC also reminds that the reserve assets of stablecoins must be transparent and the issuer must be reliable, otherwise there will still be risks! source: SEC，2025.4.4 Cryptocurrency, stablecoin, blockchain, SEC, Bitcoin