Rewatched @stbl_official's narrative. His story is about launching a stablecoin issuance service as the founder of USDT. The target audience is big companies like Google, Amazon, etc., who have expectations for RWA. The idea is to issue a separate, third-party-issued 'Q coin' for each company. Recently tried it out, and currently, his service only has one client—Ondo. Here’s the experience: 1. The collateral needed to mint stablecoins is extremely hard to obtain; only Bybit has decent liquidity. 2. The minting and collateral process is ridiculously complex, requiring multiple cross-chain operations and very long cross-chain waiting times. 3. The APY is barely worth mentioning. So, even though I find his narrative very interesting and participated in the 90-day lock-up, the realization of the narrative is still in its early stages—very early.