#稳定币应用与监管# The news about the regulations for Hong Kong's stablecoin has indeed raised concerns. On the surface, it seems aimed at standardizing development, but it actually hides many risks. I have experienced too many projects from hype to collapse, so I don't buy into this "system first" narrative. While a regulatory framework is important, the key is how to prevent market makers from taking advantage and avoid ordinary investors becoming suckers. Cross-border trade settlement sounds great, but will it actually turn into a hotbed for money laundering in practice? The internationalization of the RMB cannot be achieved merely by shouting slogans. I advise everyone to stay clear-headed and not be swept away by so-called favourable information. For emerging things, especially in the financial sector, one should always maintain a cautious and skeptical attitude. After all, in this circle, today's opportunity might just be tomorrow's abyss.