On July 15, Coin World reported that a research report by CICC states that we judge that the popularity of stablecoins has limited impact on existing businesses such as WeChat Pay. The essence of domestic third-party payment is a 'quasi-stablecoin' mechanism anchored to the RMB, relying on legal reserves to ensure currency value stability, and domestic rates are as low as a few thousandths, far better than the several percent charged by overseas platforms. Therefore, we believe that under the current efficient and low-cost mature third-party payment system, the necessity for independent blockchain stablecoins to gain popularity domestically is not high, thus the impact on existing businesses is limited. On the other hand, internet companies related to cross-border payments are more actively laying out in the stablecoin field. We believe that internet companies have advantages in their layout for stablecoins: 1) User scenarios: companies like Amazon have hundreds of millions of users and mature payment scenarios (such as cross-border e-commerce), which can quickly promote the application of stablecoins; 2) Technical capabilities: internet companies possess technical research and development capabilities; 3) Ecological synergy: the closed loop of B-end (supply chain) + C-end (retail payment) can strengthen the network effects of stablecoins.