Recently, high-level officials in mainland China have been aggressively promoting RMB/HKD stablecoins (against the backdrop of the China US rivalry), making Hong Kong a hot topic. However, I feel that the hype is still heavy and the focus is on the bigger picture Several requirements for stablecoins: tax evasion, evasion of intermediary fees, evasion of sanctions, evasion of banking system, evasion of domestic currency fluctuations, etc Once these things are compliant, what are the advantages of compliant stablecoins compared to traditional finance? Even if RMB/HKD stablecoins are created, what are the advantages compared to USDT/USDC? If there is no special advantage and there is a huge natural disadvantage (dollar brand, first mover advantage), why would people use it?