[Overseas Large Model Token Agency Industry Rapidly Gains Popularity, Governance and Regulation Face Challenges] Since 2026, tokens have become a market buzzword. Behind this trend, the overseas large model token agency industry, which relies on reselling token quotas at low prices and setting up intermediary stations, has rapidly gained traction. Various "zero-threshold side hustle" recruitment ads have flooded multiple online platforms, leveraging multi-level profit-sharing mechanisms to achieve exponential growth. Investigations reveal that this gray industry, operating on the edge of compliance, seemingly provides low-cost access to overseas large model services for individual creators, small and micro enterprises, and research groups. However, it is rife with chaos: some intermediary stations exploit the system through false billing, model substitution, and refund arbitrage, while user data is transmitted with almost no protection, leaving it highly vulnerable. Due to its covert operations, prominent cross-border nature, and rapid model iterations, this industry has become a significant challenge for regulatory governance. Industry experts suggest that only by addressing the gap in legitimate demand, establishing a normalized tiered governance mechanism, and advancing domestic large model technology and service upgrades can the gray industry be phased out, driving the sector toward compliant and standardized development. (People's Financial News)