After sleeping for a while, the cookies hit a new high, possibly due to factors from 1. Recently, several US listed companies have increased their holdings, and for listed companies, announcing the addition of stablecoins and buying cakes has a strong promoting effect on stock price increases. 2. Yesterday, Shanghai State owned Assets issued a document stating that there are words such as "development trends", "response strategies", "exploration", and "research" in the wording. The market thinks it's a big positive, and Oriental Wealth also listed this as the most important one in today's push, so it's in order 1. Some groups' comments seem to have taken this matter as a symbol of the legalization of the pie circle, thinking that with Shanghai's learning, ordinary people can freely purchase US dollar stablecoins. Let's talk about what I have observed: When I looked at the pushed prices, especially the price of e, I saw a breakthrough. Next, let's review the information flow and see what happened. On July 10th, the Party Committee of the Shanghai State owned Assets Supervision and Administration Commission held a central group learning meeting to study the development trends and response strategies of cryptocurrencies and stablecoins Find source: Shanghai State owned Assets Confirmation Blue Label. After reviewing the content and looking at the accompanying pictures, it appears that there were around 100 attendees. Let Chatgpt analyze it, see the picture. What I am most curious about is the time. 0:10 doesn't quite fit the sleeping habits of an office worker. Could it be that they work overtime at night for meetings? Looking at the picture again, the light behind the sunshade is most likely taken during the day, and the meeting was also taken during the day. So why was it released at 0:10? Then I spent 26 minutes checking all the articles under the official account from July 11 to the Spring Festival in January one by one, and estimated that there were hundreds of articles. The vast majority of posts are published between 17:30-21, and those published after 22:00 can be counted with one hand. There is not a single post published after 23:00. Possible factors: 1. Too busy or suddenly remembering in the middle of the night. 2. Tencent's review has caused delays. 3. This article is extraordinary. My thoughts: The reason for the birth of stable currency is that Chinese Mainland prohibits banks from providing services for virtual currency exchanges, so TEDA has engaged in such a business, claiming that it can be anchored 1:1 with the US dollar. At first, the scale has been around US $4 billion, which has fluctuated for quite a long time. It is also often due to the doubt of the cashing ability, which leads to the anchor dropping. The most classic is that during the "one fish, four food" period in 2018, the anchor dropping was more than 10%, that is, assuming that 1 dollar=7 yuan, because c2c buyers are only willing to buy at a low price, you can only sell it for 6 yuan. These buyers contacted Teda again to exchange their stablecoins for US dollars, but some of Teda's banks in the United States have been frozen by the US government and cannot be redeemed for a short period of time, so they were unanchored. Teda is equivalent to having the right to mint coins. There has been constant controversy in the industry about whether Teda will overprint. In fact, there is controversy over safety, and there are always people watching. Now that Teda has grown in size, not many people think they will be doomed, but everyone is learning. Those who understand finance should know that various audits can also have bugs. Not to mention the virtual world, do some places where gold is stored in reality really have gold? Is it really real gold? Do you still think there is real gold and silver there? The Fort Knox gold vault holds over 56% of the United States' gold reserves. Several months ago, Trump planned to visit Fort Knox, Kentucky to inspect the gold reserves and requested an audit of the vault to verify the amount of gold reserves. He hasn't succeeded yet, which is also worth pondering deeply. Stablecoins rely on trust, and holders should be able to exchange them back into fiat currency at any time. The core advantage of stablecoins is that they are almost anonymous on the blockchain. Therefore, in the development of Tether stablecoins, in addition to speculators, a large amount of black and gray assets are used, corrupt officials are also using them, and terrorist organizations are also using them. Of course, it has also certainly helped many restricted regions, such as Iran, which were kicked out of Swift for trade. Secondly, there is tax evasion. The reason why Robin Hood and others engage in on chain US stock trading is because they do not have to pay taxes. Recently, US stock brokers provided various data, which led to many people being pursued for tax payments by mainland tax authorities. However, through on chain trading with stablecoins, it is difficult to locate individuals because there is no clear KYC information. Even if there is, the other party can claim that the wallet private key is lost. The most common thing I see is that stablecoins are much better than Swift. Transferring funds through Swift takes several days to receive and costs several tens of dollars. In some African countries, netizens have mobile phones but no bank cards, so they are also using stablecoins. This is mainly cross-border, which involves foreign exchange. Currently, these stablecoins from Tether are equivalent to bypassing China's foreign exchange management, allowing the public to indirectly hold US dollars, which is the capital outflow that the Chinese government is most concerned about. It has been quite difficult to find a bank to exchange some US dollars for so many years. You need to provide various materials. The emergence of stablecoins, especially the recent stock speculation, has made more ordinary people aware of an opportunity to indirectly hold US dollars. This should actually be a potential gray rhino event. After the bankruptcy of ftx, because the mainland is a restricted area, the debtors in Chinese Mainland cannot get money, so they have to sell the institutions at a low price. There are even rumors that they will cancel the confiscation of the creditor's rights in this restricted area. With the continued development of stablecoins, they can grow from 4 billion in the past to the current scale of 100 billion. In the future, they may also be promoted by the US government and governments of various countries to reach trillions or even tens of trillions. If the portion held by residents in some regions is not redeemed, the US Treasury bonds, which are the lowest level of this asset, will not have to worry about not being able to repay them. And there is no good way to deal with the continuation of the US dollar hegemony with innovative technology. Both the Chinese and American governments hope that the stable currency can prevent money laundering and avoid being unregulated, so what they want to do eventually is the real name version of digital currency, that is, there is a kyc wallet, but this kind of Alipay belongs to. So, in the future, it is highly likely that Hong Kong can handle it, while the mainland cannot. We also need to avoid being influenced by different policies between the two places, as some people engage in policy arbitrage. What the mainland cannot do is also that most people cannot do it. Some companies may be able to conduct business under supervision, which facilitates cross-border trade.