Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, once again discussed stablecoins. He mentioned that after the "Stablecoin Regulation" is passed, we will immediately implement the regulation and seek market opinions on the two guidelines for regulation and anti-money laundering. Currently, we are adjusting the requirements of the guidelines based on feedback, aiming to announce them by the end of July. We expect that the final version will not have major adjustments compared to the consultation draft, and given the common international regulatory concerns, more rigorous requirements will be set in terms of anti-money laundering to minimize the risk of stablecoins being used for money laundering, ensuring the orderly and healthy development of the stablecoin market in Hong Kong. We have also noticed many rumors in the market recently regarding the application process. We will publish a summary explanation of the "Stablecoin Issuer Licensing System" next week, which will outline the arrangements for the Monetary Authority to accept and process license applications.