Had a great meal and chat with a super talented finance professor about the crypto industry. We both agreed that the biggest regret for China's blockchain sector is that the authorities chose to support CBDCs while cracking down on RMB stablecoins. As for exchanges, token issuance, on-chain finance, etc., it's not entirely unreasonable for the mainland to throw out the bathwater, but they absolutely shouldn't have thrown out the baby (stablecoins) with it. USD stablecoins have allowed the dollar to penetrate regions it could never reach before—just with an internet-connected phone and a wallet app. This is a dream that RMB internationalization could never achieve, no matter how many years of effort.