Everyone is talking about the RWA track, and the biggest demand in this track is stablecoins. USDT and USDC are definitely the top two. How did they develop? It's all driven by exchanges. Back in 2017, domestic deposits and withdrawals were hindered, which gave USDT the opportunity to grow. At that time, there were almost no competitors in this track. USDC started to develop during the DeFi season in 2020, also supported by exchanges. Later, Binance's BUSD also developed well, but it was halted by the Americans. This time, the Trump family's USD1 is collaborating with Binance, which shows they have understood the development path of stablecoins; the support of exchanges is essential.