There is a phenomenon worth paying attention to—major international banks have recently taken action against stablecoin companies. Over the past few months, JPMorgan has frozen accounts of at least two promising stablecoin startups, which have operations in high-risk areas like Venezuela. Among them is the account of Blindpay being frozen.

The logic behind this is very pragmatic: banks are under increasing pressure. How risky is engaging in crypto trading? The key word is—KYC (Know Your Customer). Banks must understand who they are doing business with, where the money comes from, and where it goes. Stablecoin companies operating in high-risk regions with complex funding chains have attracted regulatory scrutiny.

From the bank’s perspective, freezing accounts is a form of self-protection. But from the crypto ecosystem’s view, this is a hurdle for cross-border payments and financial inclusion. Stablecoins originally aimed to break down traditional financial barriers, but now they are being choked by traditional finance.