Here's the translation: I understand: 1. BlackRock's lack of issuing a stablecoin is due to its limited advantages. As an asset management institution, their strength lies in launching various asset management products rather than specific payment and financial businesses. Their channel capabilities are actually not as strong as those of large commercial banks, and they lack payment and transfer scenarios. Therefore, they can only choose to cooperate with existing stablecoins, and is currently the largest compliant stablecoin, making it a natural choice.