One more thing about the USDE director: USDE is a financial certificate, not a stablecoin. Some netizens have also pointed out that USDE is a hedge fund product, simply with a built-in rebase mechanism that keeps NAV permanently pegged to $1. The "USDE is a stablecoin" narrative is a major misalignment in the marketing narrative. This is, of course, intentional, to expand its use cases, such as payments, USD trading pairs, and margin trading. But the reality is that this is a radical financial product innovation. Just like you wouldn't consider Tianhong Fund a payment unit, it must be categorized under the Yu'e Bao product.