Recently, the regulators have taken action against stablecoins. Anyone with a discerning eye can understand that this is an attempt to cut off certain funding channels at the source. However, this "whack-a-mole" approach seems quite labor-intensive. Checking bank accounts, blocking payment tools, one after another. The problem is, market demand is like flowing water; if you block one end, it will naturally emerge from the other.

What's more interesting is that I heard they are brewing a "sovereign stablecoin". The idea might be good, but the logic seems a bit off. In the crypto space, it's never the case that whoever speaks has the final say - it's based on consensus. Value isn't created by policy documents; it needs to be supported by real application scenarios. Look at why people are willing to use the projects in Southeast Asia? It's not because it's being forced; it's because cross-border remittance is truly fast and cheap. Pushing it hard without a grassroots foundation could backfire, pushing funds and technical talent towards more open markets. If this happens, it might give the existing crypto market a reverse boost, and could the bull market start earlier? It's hard to say.

Looking at traditional banks again. These institutions are indeed a bit flustered now, but I think they might be targeting the wrong competitors. It's not new for users to complain about banks—cumbersome processes, high fees, and slow transaction times have become the norm. Now, what about DeFi and the Ethereum ecosystem? Cross-border transfers can be completed in about ten minutes, costing just a few bucks, and the opportunities for returns are even more diverse. It's not that anyone is deliberately targeting banks; it's that money has grown legs and is running towards more efficient and freer places. This is the trend, and there's no stopping it.

When it comes to the future, my personal feeling is becoming increasingly clear: the trigger point for the next big market movement is likely not in the technology itself, but in the subtle shift of regulatory attitudes. When the boundaries between traditional finance and decentralized finance begin to blur, that will be the moment truly worth paying attention to.