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BlockBeats News, February 9th, Vitalik Buterin posted on the X platform, stating, "USDC savings interest does not count as DeFi. I believe that algorithmic stablecoins are the true DeFi. If we have a high-quality algorithmic stablecoin backed by ETH, then even if 99% of the liquidity is actually provided by CDP holders, as long as you can transfer the counterparty risk on the dollar side to the liquidity provider, this in itself is a significant feature. Even if an algorithmic stablecoin is backed by RWAs, as long as it is overcollateralized, and the collateral assets are sufficiently diversified—so that even if any single RWA has issues, the overall collateral remains fully backed—compared to a standard structure, it is still a meaningful improvement in terms of the risk characteristics borne by holders. I believe that this type of design is the direction we should strive for. Building on this, the next step could gradually move away from the dollar as the unit of account and towards a more universal, more diversified index-based pricing system. Of course, the current practice of 'depositing USDC into Aave to earn interest' does not fit into any of the categories I mentioned above."

Ethereum founder Vitalik Buterin recently posted on social media, discussing the core value of DeFi and the development direction of algorithmic stablecoins. He believes that DeFi should provide financial services while maintaining asset self-custody, rather than relying solely on the USDC yield model. Vitalik proposed two development paths for algorithmic stablecoins: algorithmic stablecoins backed by ETH can disperse risk through market mechanisms; stablecoins based on real-world assets need to achieve over-collateralization and asset diversification to reduce the risk of single assets.

In the early Asian session on February 9, the yen continued its recent decline. Shoki Omori, Chief Rates and FX Strategist at Mizuho Securities Tokyo, stated that the overwhelming victory of the Liberal Democratic Party has eliminated political uncertainty and strengthened policy implementation. The market focus has now shifted to the design and communication of fiscal policy. The risk of fiscal expansion before the general election has already been priced in by the market, and the key issue is whether these risks will be reinforced or gradually fade away.