On that Friday at the end of last November, 13 departments jointly issued some tough talk—this time, stablecoins were specifically named. As soon as the news broke, within 24 hours BTC dropped below $86,000, the whole market was panic-selling, and there was a general pullback of 4 to 6 points. Over-the-counter trading was even more dramatic, with the USDT premium soaring to over 3%, and the selling pressure during Asian hours was like a floodgate opening.

What about crypto-related stocks in Hong Kong and A-shares? Don’t even mention it—most of them were slashed by 5 to 10 points. But to be honest, the impact wasn’t nearly as fatal as imagined—after all, direct participation has shrunk to less than 10% globally, nowhere near the levels in 2021.

Looking ahead? The mining industry continues to move to Central Asia and Latin America, and the innovation hub for stablecoins has completely shifted to places like Singapore and Dubai. OTC currency exchanges have definitely taken a hit in the short term, but you know how it goes—VPNs plus overseas platforms, the recovery is fast.

The key is—global liquidity hasn’t really been affected much. U.S. institutions are holding over 1.2 million BTC, and Middle Eastern sovereign funds are still increasing their positions—these are the real price-setters. There’s even a subtle reverse effect: the stronger the narrative around financial decoupling, the more likely the U.S. is to speed up stablecoin legislation.

So this move? It created some short-term panic (which has already been digested), but in the medium to long term, it’s had almost zero impact on overseas markets. In fact, compliant jurisdictions and decentralized ecosystems have benefited. The real variable to watch is still how the Fed handles rate cuts—everything else is just noise.