iPhone 13 second-hand phones are sourced at a price of 1800-1900. Southeast Asian second-hand traders come to Hong Kong to purchase them for 2300-2400. Apple has already stopped producing new units, but the second-hand market is booming. The platforms you often see, like 爱回收 (Aihuishou) or 转转 (Zhuanzhuan), are the upstream players in this industry. Downstream merchants deal in bulk orders of hundreds of units, and they can make tens of thousands of yuan in profit in a single day. Eventually, these phones are resold to places like Africa and Southeast Asia. Consumers in those regions are the ones who ultimately buy these second-hand phones. This building is essentially Hong Kong’s version of “Huaqiangbei.” This business model is actually part of the traditional foreign trade industry. Hong Kong, being a free trade port, has advantages in logistics and taxation, which is why it has become one of the global hubs for second-hand iPhones. Why are we paying attention to this? Because in the past, foreign buyers would use Hong Kong dollars to make purchases. Now, they’re settling payments with stablecoins. More and more foreign traders no longer keep USD in their accounts; instead, they store USDT and USDC in their wallets to buy goods. When you ask them why they don’t use HKD or USD anymore, they say it’s more convenient. In this industry, 20-30% of transactions are now settled using stablecoins. Have you noticed this paradigm shift in the payments industry?