A few days ago, companies like Amazon and Walmart jumped out and said that they were exploring the matter of making stablecoins, and I didn't understand it very well, when you see that this technology is 1. Reduce transaction wear and tear 2. When you make money, you shouldn't think first of all, do you want to access 1 first, why do you want to eat the cake of issuing stablecoins directly. It may still be necessary to answer the question of what is the MOAT of stablecoins, and if the issuance of coins does not constitute technical difficulties and the brand has enough credibility, it will finally return to the competition of application scenarios, and the B-side will have strong bargaining power and force partners to use their own stablecoins for cross-border settlement. Again, this only answers why it can be done, not what it has to do. Reducing payment costs is a must, earning financial spreads is optional, and it always feels like a listed company doing emotional news. That's what I think for the time being.