Seeing Circle's listing reminds me of the once-popular Digital Research Institute of China's central bank

Having started research on blockchain early, the former leading figure Yao Qian is now imprisoned, and Zhou Xiaochuan argues that blockchain cannot support large-scale transactions (which of course is wrong in hindsight). The digital renminbi is hardly used and is essentially abandoned, while Hong Kong's stablecoin has to start from scratch with uncertain prospects.

It can be said that they got up early but arrived late, which is both sad and lamentable.