Many countries have had stablecoin bills for a long time, but they are not very useful. For example, the EU's MiCA takes effect 24 years ago, while the UK's FSMA takes effect 23 years ago. But the US dollar still accounts for 99.79% of stablecoins, while the euro ranks second with only 0.19%. The stablecoin of the US dollar is first created and has a market, and then regulated through legislation. However, those who legislate first and then go into the market cannot do so, because this will turn into a license business, and the end result will be as ugly as the exchanges in various places.