A certain super old trading platform has experienced multiple strategic missteps since 2025.
First, the EU's strong regulation on Web3 Wallets—halted for rectification.
The Web3 business, which had been developing for over two years, has overnight returned to square one, becoming once again a testing ground for other industry giants after the Bitcoin ecosystem inscriptions.
Then, mainland China, with its no-threshold user recruitment, has led to the current stringent risk control measures for KYC.
The founder claims that about 1% of users are affected, which roughly translates to hundreds of thousands or even millions; this is not a small number.
In a short time, the reckless and one-size-fits-all account risk control indicates that the previous extensive user growth model has once again met with Waterloo.
Offshore financial centers like Malta face significant policy fluctuations and are also constrained by the EU, making the so-called compliance essentially a castle in the air.
Currently, innovation in finance driven by blockchain technology is at a new crossroads, and the impact of stablecoins on the global financial market is not sensationalist.
Stablecoins pegged to the US dollar, on the contrary, greatly reinforce the dollar's hegemony, which is not what everyone expected.
In traditional financial markets, based on the SWIFT settlement system, the US dollar only holds about 46% of the market share, while dollar-pegged stablecoins and digital dollars account for over 99% of stablecoins.
As of now, exchanges are an important application scenario for stablecoins, with payments, especially cross-border payments, becoming increasingly important and potentially the number one application scenario in the future. Regulatory tightening will continue, making the operation of exchanges increasingly difficult while marginal returns continue to shrink.