Recently, a domestic authoritative financial media published an article interpreting the Central Bank's latest classification of stablecoins. Zhao Binghao, the director of the Financial Technology and Rule of Law Research Institute at the University of Political Science and Law, provided key insights:

Incorporating stablecoins into the realm of virtual currencies does not mean that they become legally prohibited items. What is the true intention behind this? The regulators are targeting the commercial activities surrounding stablecoins—operating platforms, intermediary matchmaking, and clearing and settlement processes, all of which need to be regulated.

This qualitative determination is actually doing one thing: fundamentally cutting off the risk transmission chain. Only by preventing these businesses from growing wildly in the gray area can we avert potential dangers.