#加密货币监管 This initiative by the European Banking Union is worth paying attention to. Nine major banks have jointly established Qivalis, planning to launch an euro stablecoin regulated under MiCA by 2026, demonstrating Europe's ambitions in the digital currency space. From an on-chain data perspective, this could lead to new patterns of capital flow. I will closely monitor its impact on the existing stablecoin market, especially changes in the market share of USDT and USDC. At the same time, it is also important to pay attention to the potential impact of this initiative on the euro's position in the global payment system. In the next two years, on-chain activities of related banks may increase, and continuous monitoring is recommended.