Today, a research institution in the mainland asked me to talk about my views on stablecoins. In fact, the first driving factor for USD stablecoins is mainland regulation. Because after the regulation, people could no longer use fiat currency to deposit, buy coins, and trade coins, it created a demand for USD stablecoins. This was followed by a wave of demand for DeFi Summer, as well as what many people perceive as gray market and black market demand, and recently, the demand from compliance institutions.