4. Regulatory information dynamics:

● In a research report on Wednesday, JPMorgan Chase pointed out that increasingly stringent stablecoin regulation may pose a major challenge to Tether's market dominance. According to the European Crypto-Asset Markets Act (MiCA), 60% of stablecoin reserves must be deposited in European banks, which may force Tether to adjust its reserve management strategy.

● According to the Hong Kong Ta Kung Pao, Hong Kong is accelerating the establishment of a regulatory system for stablecoin issuers and recently released a public consultation summary on stablecoin regulation. The report pointed out that the focus of the next stage of development of Web3.0 in Hong Kong and even the world is to break the barriers between the virtual world and the real world, so that assets and funds can flow freely between the two systems. And RWA is an important innovation that breaks down technical barriers and accelerates the integration of virtual and real.