After the release of the thirteen departments' stablecoin policy, the market fell into panic. Some worry that purchasing USDT could lead to criminal charges, and even predict Bitcoin will drop below $50,000. However, this concern actually stems from a misinterpretation of the policy. Let me interpret this policy from a different perspective and share my approach.

**What is the true focus of the policy**

Many people focus on USDT itself, but they overlook the core of the policy—the crackdown is on illegal activities using stablecoins, not on USDT trading itself. The authorities have explicitly stated that holding digital currencies is not illegal; what is illegal is using them for money laundering, capital outflows, and other unlawful activities.

If you buy and sell USDT normally for legitimate purposes, you won't touch the legal bottom line. Conversely, those who are anxious all day long may already hold more Bitcoin and USDT combined than ordinary investors.

**What does the market reaction tell us**

During the week of the policy announcement, prices remained steady on Sunday. It was only on Monday that a decline appeared, but this drop was not directly related to the policy—at that time, the main driver was the Bank of Japan signaling a rate hike. Subsequently, Bitcoin rebounded, indicating that the market had digested the policy's impact. This fully demonstrates that the actual constraints of the policy are much smaller than the hype and speculation suggest.

**Why capital outflows cannot be fundamentally solved**

Let me use data to speak. The size of the global underground economy is estimated at 10 quadrillion yuan, while the official money supply is only 38 trillion yuan. The entire cryptocurrency market is just over 20 trillion yuan, with less than 0.5% involving illegal funds.

The Chinese yuan can also be used for money laundering and capital outflows, but no one claims that the yuan itself is illegal. The policy aims to regulate the use of the currency, not the currency itself. This is the dilemma faced by policymakers—the technical measures cannot completely plug the loopholes of illegal capital flows; they can only impose restrictions through regulation.

**The actual scope of the policy's constraints**

The policy explicitly prohibits: opening virtual currency exchanges, conducting ICO financing, and engaging in illegal foreign exchange transactions via USDT, among other commercial activities. For ordinary investors, as long as they do not participate in these commercial activities, they remain within a safe zone.

**My response strategy**

I personally do not use USDT for trading; instead, I buy Bitcoin directly through C2C (person-to-person) transactions. This approach avoids risks and secures core assets.

If, in the future, a USDT-to-cash redemption rush really occurs, large amounts of capital will flow into Bitcoin—potentially causing Bitcoin's price to surge instantly to $500,000 or $1,000,000, entering the era of million-dollar Bitcoin in advance. At that time, you can place orders at these high levels to sell and then convert back to USDT.

In the short term, USDT may lose its peg, but this is not a systemic risk, nor is it caused by Tether's collapse. The de-pegging will be temporary, and prices will eventually return. If this evolution follows this logic, it could actually present huge profit opportunities.

**Summary**

The stablecoin policy is not aimed at destroying the USDT ecosystem but at regulating its usage boundaries. As long as you abide by the legal bottom line and participate in legitimate transactions, there is no problem. Over-interpreting the policy and panicking may lead to selling at high prices—that is the real risk.