Today is the last day at Pharos @pharos_network. Thank you for this time and the wonderful colleagues I've met; although brief, it was very precious. I'm leaving because I'm preparing some really cool things, and I can't manage both. All in RWA, The Best is Yet to Come!

I can't believe I didn't know for two years that Wei Ma sells giant sea urchins in Melbourne 😂 But there is a restaurant in Glen Waverley, Melbourne, that specializes in sea urchins, and they are freshly caught from the sea every day 🤤 They serve giant sea urchin rice, and after tasting it, you truly understand what the freshness and sweetness of sea urchin is.

I would like to ask the gods: is there any essential difference between buying T-Bill's Vault and T-Bill's Yield-Bearing stablecoin?

Crypto mom Hester came out to make a statement, and tokenized securities are securities whether they are on-chain or off-chain, which is equivalent to blocking the behavior of the side ball. Think about it, we must do this, otherwise everyone can completely bypass the securities law system and give unlisted equity "STO" in advance, then not only OpenAI, but a bunch of companies will have to jump to their feet.

The biggest opportunity for a Hong Kong stablecoin is probably an offshore RMB stablecoin 🥹 There are two major pain points of offshore RMB: difficulty in circulation and few investment channels Thinking about China's foreign aid to those African countries, they all use offshore RMB stablecoins, and they have to collect them if they don't collect them, so don't those countries use them to buy RWA to earn interest? Let them buy RWA assets in Hong Kong and the mainland, and what is even more amazing is that the offshore RMB has not yet left the banking system, and is still lying in the bank, absolutely

🙏 I don't want to get involved in any disputes, I hope everyone is harmonious

I had a sudden thought: if U.S. Treasury bond rates drop to 0, how would stablecoin issuing companies make money to sustain themselves?

No matter what business the stablecoin sector does in the future, it will almost never be able to do without banks The scene of the battle of the hundred regiments in the future is unimaginable

The B2B large-value payment business model of traditional institutions is based on "information asymmetry" and "opaque pricing", and many institutions quote and match transactions by phone. Customers cannot easily compare prices, and banks enjoy the profits brought by information monopoly, in which relationship and trust are more important than efficiency. So: - Banks don't actively promote stablecoins for B2B large payments, as this will wipe out their source of profits - Clients don't necessarily really want transparency either, especially in forex trading, where large clients may get better prices through relationships - Regulators may also not want to be overly transparent, as this could affect market stability But under the outbreak trend of stablecoins, will a "volume king" suddenly emerge to break this pattern? What kind of institutions are most profitable in this changing situation?

Recently, I've been thinking about what company's stock in the stablecoin sector will explode in the next five years? There is a violent argument: I think banks will have an absolute advantage in stablecoin payments, with the structural advantage of their clearing networks and money creation capabilities. While payment service providers can only operate with 1:1 capital efficiency (100% pre-deposited funds are required for each transaction), banks can crush pricing power with 29:1 capital efficiency. The cost of payment is not in liquidity, but in the capital, operating expenses and associated risks locked in at settlement. When banks establish a tokenized clearing network infrastructure, they will become the dominant players in the stablecoin field, mastering core compliance resources, customer resources, liquidity advantages, and bank network resources. We may be faced with the fact that banks will not be the victims of stablecoins, but the ultimate beneficiaries and dominants. So: Instead of buying Circle, is it better to buy bank stocks for ambush?