Meng Yan: Discussing Stablecoins with Xiao Feng Again, Understanding Blockchain is the First Step in Making Stablecoins "(author Meng Yan's blockchain thinking) This article focuses on the technical essence of stablecoins. Meng Yan and Xiao Feng point out that after the GENIUS bill was passed, it sparked a nationwide discussion, but most of the discussions ignored the essence of stablecoins as a product of blockchain technology, leading to cognitive misunderstandings.