I didn’t understand this issue before either— until this year, when a friend told me that abroad, there are actually many different kinds of “physical U.S. dollars.” That’s when I finally understood why Americans are so supportive of USD stablecoins. Most people assume that U.S. dollars must be printed by the U.S. government. But in reality, there are many so-called “North Korean dollars”— literally, dollars printed by North Korea. People think these have no value. Yet strangely, they do exist—and in some places, they’re even in circulation. And this is just one type of what we consider “fake U.S. dollars.” So the U.S. may either not care about the potential proliferation of counterfeit USD stablecoins, or they simply have extensive experience managing such risks. Of course, China also has counterfeit currency—but counterfeit RMB truly has no value at all. Therefore, if an offshore RMB stablecoin emerges outside the central bank’s settlement system, there will inevitably be many “p-offshore RMB stablecoins” issued on-chain based on the official offshore RMB stablecoin. Since we lack similar experience, this could seriously disrupt the existing RMB system. All we can say is: The authorities should prioritize stability.