Indeed, and according to roadside news agencies, Hong Kong stablecoin licenses will not be issued to those high-profile private enterprises in the short term. They should obediently go and work on offshore stablecoins. When it comes to stablecoins, the market is worth remembering that the earliest Chinese yuan stablecoin appeared on Bitcoin's BTS, with a peak issuance of over 1 billion in 2017. Unfortunately, with the wave of suppression in 1994, it gradually declined. If support had been loosened back then, the internationalization of the renminbi might have already been achieved by the Chinese cryptocurrency community. You should know that in those years, Huobi was traded in RMB.