Today, a research institution on the mainland asked me to talk about my views on stablecoins. In fact, the first driving factor for USD stablecoins is the regulation on the mainland. Because after the regulation, everyone is unable to use fiat currency to deposit, buy coins, and trade coins, which has stimulated the demand for USD stablecoins. Only then did the subsequent wave of DeFi Summer demand arise, along with the perceived demand for gray and black markets, and recently, the demand from compliant institutions.