Stablecoins pegged to the US dollar and crypto assets priced in USD, once identified as a threat to the security and independence of a nation's sovereign currency, will inevitably face the strongest regulations. From a macro perspective, the threat stablecoins pose to the 'singularity of currency' is essentially a form of 'currency fragmentation,' which undermines the dominance of a nation's sovereign currency—something that is not tolerated in China. Especially with large-scale monetary and fiscal stimulus about to roll out domestically, all channels for hidden assets and arbitrage trading must be completely blocked. This could be the key reason behind the recent downturn in Asia-Pacific events. Policies have not yet been announced, but this comes from internal rumors.