#加密货币监管框架 Seeing this news about the "Chinese plan" for stablecoins, I feel compelled to calmly share a few honest words.

Over the years of navigating on-chain, the biggest lesson has been that—the emergence of regulatory frameworks often signals the arrival of real risks. It’s not that regulation is bad, but many projects and institutions are using "policy support" as a guise to harvest.

Free trade zone pilots, whitelist systems, offshore RMB stablecoin innovations sound impressive, but the core questions are: who issues them? who regulates the reserves? how transparent can the information be? These are the real factors that determine whether your assets are safe.

I’ve seen too many projects claiming to be "compliant" that end up running away or freezing assets overnight. So my advice is straightforward: even with official frameworks in place, ask yourself three questions—can the collateral assets of this stablecoin be independently audited? What is the risk event compensation mechanism? If something goes wrong, where do small retail investors rank in the payout order?

This wave of stablecoins might be an opportunity, but only if you understand what you’re actually buying. Don’t be fooled by the concept of "state endorsement." Policy friendliness ≠ project safety; this logic must not be confused.