#RWA热潮 China’s cryptocurrency policy has carved a unique path between strict prohibition and strategic innovation. In recent years, the policy has achieved significant results in risk prevention, but it has also incurred the cost of limited technological discourse power. Recent attempts by Ant Group and JD to promote offshore RMB stablecoins, as well as breakthroughs in rare earth stablecoin pilot projects, signify that the policy is shifting from 'defensive blockade' to 'proactive breakthrough.' The following analysis will explore three aspects: policy evolution, gains and losses assessment, and future trends: $BTC