Today, I saw that JD stablecoin announced that it will be the first to support stablecoin payments for JD Hong Kong Macau Station. I have some thoughts about the different circles of Crypto: The innermost layer, Crypto native inner loop, includes Bitcoin, on chain, DeFi, etc. It seems that this area is almost filled and there is not much space left Going further, areas that traditional finance has not been able to meet, such as exchanges, stablecoins, privacy, ICOs, etc., are dominated by crypto institutions and extended to traditional fields Going further, there are more large institutions integrating crypto functions, such as Twitter integrating NFT avatars, JD integrating stablecoin payments, Futu Tiger integrating OTC and trading, and so on. There have been many attempts but failures in history Looking back, attempting to do the outermost things with the innermost layer, such as disrupting social media, now seems destined to fail; Conversely, using the outermost layer of crypto is often doomed to fail At present, the industry has reached a stage of mutual erosion between the second and third layers, and the real hope lies in the second layer