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On December 30th, the US dollar index came under pressure and weakened, with onshore and offshore RMB consecutively breaking through the 7-level mark. The market generally expects the US dollar to enter a relatively weak cycle by 2026, which not only directly undermines the dollar's attractiveness but also creates external appreciation opportunities for the RMB. In this broader context, the situation of stablecoins becomes somewhat awkward. The U-price continues to be under pressure and has now fallen to around 6.82. Simply put, when the US dollar weakens relative to other currencies and the RMB trends upward, stablecoins pegged to the dollar naturally face devaluation pressure. For us investors in the crypto space, the fact that coin prices haven't risen for a long time is already tough enough, and watching USDT continue to devalue makes trading a bit frustrating.