Indeed, in Hong Kong, many industry folks are talking about stablecoins. The biggest difference between this trip to Hong Kong and my visit in April is that back in April, it felt like everyone was a market maker. But this time, I didn’t hear a single mention of that. Instead, I noticed a lot of family offices popping up. Many friends in the crypto space have either joined family offices or started their own, focusing on wealth management across traditional + crypto assets. The clients these friends are serving are almost entirely traditional investors. Due to some well-known reasons, many friends from mainland China and Hong Kong have started allocating overseas assets outside of Hong Kong, and crypto is becoming one of those allocation options. So, what I’m seeing now is a demand to shift a portion of funds originally intended for traditional industries into stablecoins, and then use strategies like quant trading, arbitrage, market-neutral approaches, or other low-volatility methods to generate returns. Of course, these investors aren’t looking to speculate on crypto. They just want to ensure their assets aren’t entirely concentrated in the 'centralized' traditional financial system. Instead, they’re gradually allocating a small portion into crypto or stablecoins. This process definitely involves OTC. This is something I genuinely observed during this trip to Hong Kong.