Recently, I came across that risk warning from the Financial Association and, after taking a closer look, I realized something was off.

Last time, some banks only singled out stablecoins, but this time even RWAs have been blacklisted. Honestly, it's not surprising—there are plenty of projects on the market using the RWA label to run Ponzi schemes. This round of regulatory action is probably a response to all this chaos.

The situation is pretty clear now: for domestic companies, touching RWAs and stablecoins is basically crossing the line, but for retail investors, it's still just at the risk warning stage—no direct crackdown yet.

What's even more frustrating is that USDT recently broke past 6.94. When I convert the coins I hold into RMB, the numbers on paper have mysteriously shrunk again. Exchange rates don't feel like a big deal when they're rising, but when they fall, it really hurts.

With tightening policies and exchange rate fluctuations, it's definitely getting harder to get by under this double pressure.