Today, the news about Trip.com being investigated by the State Administration for Market Regulation has been interpreted by many friends in the crypto community as related to its overseas version supporting stablecoin payments. But honestly, it has nothing to do with stablecoins. Let’s break down the timeline—this is purely Trip.com shooting itself in the foot by acting recklessly. A couple of months ago, the Civil Aviation Administration issued multiple notices to crack down on low-cost airfares to curb unhealthy competition. Right now, many flight tickets are cheaper than high-speed rail, and neither the railways nor airlines are making money. The warning signs were already there, but Trip.com’s ability to read the room is just terrible. Instead of toning it down, they went all out before the Spring Festival, running several low-price, bargain marketing campaigns to grab traffic. As a result, the market regulation authorities hit back hard, launching an investigation into Trip.com for monopolistic behavior.