Recently, the regulation of stablecoins has tightened, with frequent card freezes and flow restrictions. Many people instead feel that this might force a new round of market movement. My view is that the real variable is how AI and encryption will come together.

The central bank has made it very clear: stablecoins are virtual currencies, and the risks of money laundering and illegal finance are being monitored. However, if you look closely, the current regulatory approach is still an old mindset - blocking accounts and restricting channels, addressing the symptoms rather than the root causes.

Interestingly, the voice of "sovereign national stablecoins" has begun to emerge in the market. It sounds very hardcore, but I feel this logic is a bit twisted. The foundation of stablecoins is consensus, not something pushed out by administrative orders. Look at Singapore and Indonesia working on digital currency; they are focused on practical value—cross-border payments that are fast and cheap, so users naturally buy into it.

If we forcefully push something without a market foundation, the result may be counterproductive: funds may flow out, instead providing a wave of liquidity to the encryption market.

It's normal for traditional finance to feel anxious. Users have long been fed up with high fees and slow transaction speeds. DeFi brings efficiency — cross-border transfers on Ethereum are completed in ten minutes, with fees low enough to be negligible, and returns that far outpace bank wealth management. This isn't about disrupting the market; it's the market voting with its feet.

Looking ahead, I judge that most innovative assets will be deeply integrated with AI. The "encryption + AI" line is already in motion; rather than simply blocking it, regulators should consider how to guide it. Value has never been forced; it relies on consensus.

This road has just begun.