Compiled by: Jae, PANews Driven by the Web3 trend of moving from virtual to real-world applications, stablecoins are rapidly expanding from the crypto-native market into the real economy, particularly in the cross-border payment sector where efficiency is a critical concern. Compliant stablecoins are seen as a core component of next-generation solutions. Rita Liu, CEO of Yuanbi Technology, is undoubtedly a leading figure in the stablecoin industry. At the 2025 Shanghai International Blockchain Week, Rita Liu delivered a keynote speech sharing her latest insights on the stablecoin sector. Recently, PANews conducted an exclusive interview with Rita Liu, delving into Yuanbi Technology's product innovation, ecosystem development, and her unique perspectives on the PayFi industry. Rita Liu's career spans traditional finance and cutting-edge technology. She has worked in the internet finance sector for many years, witnessing the entire process of mobile payment from its inception to its widespread adoption. Today, she brings the concept of "trust as the foundation" to the Web3 world, adhering to compliance as the anchor and the ecosystem as the sail, to drive full-chain innovation of stablecoins from the asset layer to the application layer. Under Rita Liu's leadership, Orista Technology positions itself as a bridge between crypto finance and the real economy, enabling traditional enterprises to access next-generation payment solutions by building integrated infrastructure such as wallets and deposit/withdrawal systems. Today, Orista Technology has formed a dual-engine strategy encompassing the construction of a regulatory framework for stablecoin issuance and payment innovation. On one hand, its wholly-owned subsidiary, Orista Innovation Technology Co., Ltd., participated in the Hong Kong Monetary Authority's Stablecoin Issuer Sandbox in July 2024; on the other hand, its new brand, "OristaPay," focuses on B2B cross-border settlement scenarios, achieving breakthroughs in minute-level payment and settlement. Rita Liu believes that the true value of stablecoins lies in "making every payment more efficient, transparent, and trustworthy." When discussing the current state and future of the industry, Rita Liu provided an in-depth analysis of the pain points of global cross-border payments, shared Yuanbi Technology's ecosystem blueprint within a compliant framework, and also envisioned the future trend of the PayFi sector evolving from a "diverse landscape" to a "super application." She emphasized that true innovation lies not in chasing trends, but in cultivating specific scenarios and refining the user experience, making stablecoins a "needed" solution in the real economy. The following is a transcript of the interview: Focus on B2B cross-border settlement PANews: It's a pleasure to meet Rita. Please introduce yourself and review the development history of Yuanbi Technology. Rita Liu: I am Rita Liu, CEO of Yuanbi Technology. Yuanbi Technology was founded in Hong Kong in 2020 and currently has two main business lines. First, there is Yuanbi Innovation Technology, a wholly-owned subsidiary related to stablecoin innovation, which entered the Hong Kong stablecoin issuer sandbox last July. Second, there is the payment innovation business line, through which we announced the launch of a new brand called OristaPay at the end of September. In short, all of our group's business lines are related to stablecoin payments, and support these different business lines through various entities. Our vision is to facilitate the real-world adoption of stablecoins in the real economy, assist cross-border trade in solving payment challenges, and expand the application scenarios of stablecoins. PANews: You just mentioned that you launched a new brand, "Yuanwen Payment," some time ago. Could you share the strategic considerations behind this move? Rita Liu: The main purpose is to differentiate stablecoin issuance from payment services. On May 21st, the Hong Kong Legislative Council passed the Stablecoin Bill. Our wholly-owned subsidiary, Yuancoin Innovation Technology, is involved in building the local Hong Kong regulatory framework for stablecoins and actively participating in compliance practices in Hong Kong's fintech sector. Last year, we also entered the stablecoin issuer sandbox. In the stablecoin market as a whole, besides issuance, there is a series of related ecosystems. One of them is the stablecoin payment sector, which has become particularly popular since last year. Stablecoin payments actually have different scenarios, such as B2B, B2C, and C2C. Yuanwen Payment is a stablecoin payment platform focused on B2B scenarios, which includes functions such as wallet, fiat currency, and withdrawal. PANews: Yuanwen Payment focuses on cross-border payment services. In your opinion, what is the biggest pain point in the current global cross-border payment system? Rita Liu: I believe that both the global payment system and the financial system still suffer from inefficiencies and a lack of transparency at different stages. Current electronic systems evolved from paper-based systems and involve many intermediaries. The presence of intermediaries easily leads to a lack of transparency. Take global cross-border payments as an example; we often mention the SWIFT system, but SWIFT only handles messages, that is, the flow of information. Suppose I want to remit money from Hong Kong to another country. Aside from the SWIFT message flow, the clearing and settlement are handled between banks, i.e., intermediary banks. However, these are essentially reconciliations between private accounts. This means that if you're remitting to a region with a less developed local financial system, there aren't many intermediary banks. For example, from Hong Kong to an African country, it's very likely that the money will pass through several intermediary banks, creating a lack of transparency. Which intermediary banks will charge fees? When will the money arrive? These questions remain unclear. If stablecoins are used, they integrate information flow and capital flow based on blockchain, enabling true atomic settlement—meaning payment is settlement. Value exchange can be completed in minutes or even seconds from anywhere in the world, far exceeding traditional payment methods in both efficiency and transparency. Starting from Hong Kong, focusing on the implementation of application scenarios PANews: Regarding the question you just mentioned, what are Yuanbi Technology's differentiated competitive advantages? Rita Liu: In the long run, I think Yuancoin has two advantages. The first is its brand. I used to work in the internet finance industry, and Ant Financial's slogan was particularly memorable: "Simple because of trust." Finance is based on trust, and Yuancoin has made compliance and legality its foundation since its inception in 2020. Stablecoins must also be issued or circulated within the framework of compliance and legality in order to be truly adopted on a large scale. Over the past five years, we've progressed step by step. Regardless of what happens in the market, Yuanbi has always strived to establish a trustworthy and reliable brand image, which means we are unwavering in our commitment to serving our customers. In short, after five years of accumulation, we aim to build a compliant, legal, and trustworthy platform. Secondly, we focus on building a complete ecosystem. All our businesses are related to stablecoins. No matter what temptations come our way in the market, we have always been deeply involved in innovation related to stablecoins and building a stablecoin ecosystem. There's a frequent question about the actual use cases for stablecoins. We believe Hong Kong doesn't lack use cases; what it lacks is practical experience to build them from scratch, especially for traditional businesses and individuals. Users may have encountered stablecoin content on social media but don't know how to use them. Wallets are a prime example; the education cost is very high. However, with technological advancements, the user experience of Web 3 is improving, as is the user experience of self-custodied wallets, including withdrawals and solutions tailored to different application scenarios. Payments aren't a one-size-fits-all solution; B2B and B2C scenarios are completely different, requiring different payment solutions. This brings us back to our initial vision: connecting Web 2 and Web 3. We must combine the advantages of Web 3 with the essence of Web 2. Through the stablecoin payment platform OritaPay, we provide customers with front-end products, including a range of services such as withdrawals and settlements. Once Hong Kong issues a compliant and legal stablecoin, it will be very convenient for customers, as they already have existing accounts and infrastructure to use. While developing our entire ecosystem, we will also conduct extensive preliminary education work from the perspective of the real economy, guiding a large number of traditional enterprise customers to join us. PANews: Cross-border payments involve complex compliance requirements in different jurisdictions. How does Yuanbi Technology ensure the legality and compliance of its services globally? Rita Liu: Starting with the more mainstream countries and regions, global regulations are becoming increasingly mature. First, from the perspective of corporate ethics, as a company that operates on the basis of compliance and legality, our first thought wherever we go is whether the business we conduct is compliant in that local context. Second, from the perspective of global stablecoin regulation, as mentioned earlier, several major jurisdictions have already enacted relevant laws, but these are still in the process of implementation. Taking the United States as an example, the Genius Act has already been passed and become law, but it has not yet taken effect, and its regulatory details have not been released. These regulatory details include all systems related to the U.S. Treasury Department, such as the anti-money laundering standards system, all of which will have corresponding regulatory rules, but these have not yet been released. Therefore, I believe that the global process of regulatory compliance and legalization is still in its relatively early stages. Next, mutual recognition may be implemented between major jurisdictions, meaning that a company's license obtained in one jurisdiction can be used to legally and compliantly circulate assets in another jurisdiction. The US Genius License Act also mentions that mutual recognition standards will be established before it takes effect next year. Issues such as which regions will have mutual recognition and how these standards will be developed will likely be gradually resolved in this process. Mutual recognition will reduce friction for companies operating globally. Therefore, I believe this is an important trend. PANews: Where will Yuanbi Technology focus its future business and development? Rita Liu: Yuanbi Technology was founded in 2020 and has remained committed to this path ever since. In short, we strongly believe in the future of the stablecoin sector, and the entire ecosystem still has much to be developed. We hope to participate in every aspect of this ecosystem. In the next one to two years, we may see a trend of strong integration, such as the formation of alliances or so-called "super applications." Businesses need to consider how to capture value more deeply. For example, stablecoin issuers are developing public blockchains, and exchanges are also issuing stablecoins. Subsequently, payment companies may also develop their own stablecoins or public blockchains, creating a diverse and vibrant market. Yuancoin's core principle is compliance and legality. It deeply participates in various aspects of the integration process, including wallets and deposit/withdrawal functions, helping real-world businesses adopt legal and compliant stablecoins. We plan to establish a comprehensive ecosystem. I often mention the "four-layer theory," which includes the clearing layer, asset layer, withdrawal layer, and the top-level application layer. Yuancoin hasn't yet developed its own public blockchain, but we are working closely with shareholders like Hashkey, Solana, and Aptos, so we are indeed making progress. Therefore, a comprehensive ecosystem is a crucial strategy for us, and it's vital for serving the real economy. Once we truly penetrate the real economy, you'll find that many users are willing to use it, but the current barriers to entry are still too high. PANews: What unique advantages do you think Hong Kong has over other regions in terms of stablecoin development? Rita Liu: I think Hong Kong's unique advantages are obvious. Yuanbi has focused on B2B business from the beginning, and Hong Kong is a global trade settlement center and financial center. In addition, Hong Kong also has advantages in legal and financial infrastructure, which are very suitable for Web 3-related innovations. Of course, there may be many similar places around the world, but Hong Kong still holds enormous potential and opportunities. After all, before the era of stablecoins arrived, Hong Kong was already the most important settlement center in Greater China. Similarly, in the era of stablecoins, Hong Kong is very likely to maintain its first-mover advantage. Therefore, it plays a crucial role as a gateway, and our business has developed from there. Yuanbi focuses on B2B, but serving the real economy is not as easy as people imagine. Although enterprises generally demand more efficient and lower-cost payments than traditional methods, attracting them to adopt new products requires good infrastructure and customer experience. Furthermore, compared to other regions globally, Hong Kong's legislative progress regarding stablecoins and crypto-asset regulation has been remarkably efficient. Previously, financial legislation could take nine months, or even over a year, to go from passage to implementation. However, the stablecoin legislation was passed and took effect in just two and a half months, an unprecedented feat. This demonstrates Hong Kong's determination and is precisely why we remain optimistic about Hong Kong and have established a strong foothold there. PANews: The recent blunder by Paxos accidentally minting and burning 300 trillion PYUSD has drawn widespread attention in the market. Regarding the risks associated with such partners, what measures has Yuanbi Technology taken in terms of technical governance and internal controls to prevent similar risks? Rita Liu: There is now a consensus in the industry that crypto finance needs to move upmarket, from a haphazard development to stable and compliant large-scale applications. However, Paxos's "blunder" has happened before in traditional finance as well. Every few years, a bank will have a similar problem of incorrect amount input or wrong transfer. Because traditional financial institutions are based on centralized ledgers, this kind of situation has actually occurred quite many times. Whether in traditional finance or crypto finance, all matters involving money should be treated with utmost seriousness, requiring robust risk control and governance systems. While traditional finance is not perfect, there are still many areas where crypto finance can learn from its governance and compliance practices. The encryption industry has many advantages in terms of technology, but how to use technology to build user trust is a question that the entire industry should think about deeply. PANews: Yuanbi Technology announced in July this year that it had completed a $40 million Series A2 financing round. What are the key investments in products or technology in the future? Rita Liu: The industry-wide layout mentioned earlier needs to truly empower the real economy, which involves a lot of construction work and resource investment in each link. At the end of September, we announced the official establishment of OristaPay, which was the first step in clarifying our business lines from a branding perspective. OristaPay provides services to traditional financial institutions and physical customers from the client-side perspective, focusing on payment, wallet custody, and user experience. Our vision is to focus on B2B stablecoin infrastructure from the very beginning. Wallets are a very important issue in the payment industry because the final location of users' assets is the most crucial point. Actually, there are already B2C or C2C wallets available. Our current focus is on B2B enterprise-grade wallets, providing a smoother customer experience for trading companies in various traditional sectors by enabling them to address their pain points with stablecoins. In short, every step of our industry-wide strategy requires substantial financial support. PANews: What do you think are the pain points facing the development of the PayFi sector at this stage, and what will be the next growth curve or mainstream trend? Rita Liu: I don’t think there are any pain points in the innovation of PayFi at present. The industry is flourishing, and with the increasingly mature industry background of regulation in various places, PayFi has gone from being a concept to being implemented in various application scenarios. I'm also very excited about the industry's development, with various applications and services emerging, including B2B, B2C, remittances, and payment cards. Different players within the industry are gradually merging; for example, exchanges, stablecoin issuers, and traditional payment institutions are all starting to offer payment services. Although we are currently focused on B2B, and everyone may be entering the market from different application scenarios, the merging of these different roles could lead to the development of a "super application." The main challenge facing the industry as a whole lies in the varying regulatory progress across different jurisdictions. Companies need to comply with local regulations, which is a normal challenge faced by all types of financial institutions. Therefore, companies need to closely monitor the regulatory situation in various regions. PANews: Based on your experience, what advice would you give to institutions or teams going to Hong Kong to participate in stablecoin business? Rita Liu: I think choosing the right application scenario and thoroughly understanding it is crucial. It's more important to optimize the user experience for your specific target audience than to have a product that 100 people love while 10,000 people find it optional. This has always been a key issue in Web 3. In short, my advice is to choose the right scenario and continuously cultivate it. Compiled by: Jae, PANews Driven by the Web3 trend of moving from virtual to real-world applications, stablecoins are rapidly expanding from the crypto-native market into the real economy, particularly in the cross-border payment sector where efficiency is a critical concern. Compliant stablecoins are seen as a core component of next-generation solutions. Rita Liu, CEO of Yuanbi Technology, is undoubtedly a leading figure in the stablecoin industry. At the 2025 Shanghai International Blockchain Week, Rita Liu delivered a keynote speech sharing her latest insights on the stablecoin sector. Recently, PANews conducted an exclusive interview with Rita Liu, delving into Yuanbi Technology's product innovation, ecosystem development, and her unique perspectives on the PayFi industry. Rita Liu's career spans traditional finance and cutting-edge technology. She has worked in the internet finance sector for many years, witnessing the entire process of mobile payment from its inception to its widespread adoption. Today, she brings the concept of "trust as the foundation" to the Web3 world, adhering to compliance as the anchor and the ecosystem as the sail, to drive full-chain innovation of stablecoins from the asset layer to the application layer. Under Rita Liu's leadership, Orista Technology positions itself as a bridge between crypto finance and the real economy, enabling traditional enterprises to access next-generation payment solutions by building integrated infrastructure such as wallets and deposit/withdrawal systems. Today, Orista Technology has formed a dual-engine strategy encompassing the construction of a regulatory framework for stablecoin issuance and payment innovation. On one hand, its wholly-owned subsidiary, Orista Innovation Technology Co., Ltd., participated in the Hong Kong Monetary Authority's Stablecoin Issuer Sandbox in July 2024; on the other hand, its new brand, "OristaPay," focuses on B2B cross-border settlement scenarios, achieving breakthroughs in minute-level payment and settlement. Rita Liu believes that the true value of stablecoins lies in "making every payment more efficient, transparent, and trustworthy." When discussing the current state and future of the industry, Rita Liu provided an in-depth analysis of the pain points of global cross-border payments, shared Yuanbi Technology's ecosystem blueprint within a compliant framework, and also envisioned the future trend of the PayFi sector evolving from a "diverse landscape" to a "super application." She emphasized that true innovation lies not in chasing trends, but in cultivating specific scenarios and refining the user experience, making stablecoins a "needed" solution in the real economy. The following is a transcript of the interview: Focus on B2B cross-border settlement PANews: It's a pleasure to meet Rita. Please introduce yourself and review the development history of Yuanbi Technology. Rita Liu: I am Rita Liu, CEO of Yuanbi Technology. Yuanbi Technology was founded in Hong Kong in 2020 and currently has two main business lines. First, there is Yuanbi Innovation Technology, a wholly-owned subsidiary related to stablecoin innovation, which entered the Hong Kong stablecoin issuer sandbox last July. Second, there is the payment innovation business line, through which we announced the launch of a new brand called OristaPay at the end of September. In short, all of our group's business lines are related to stablecoin payments, and support these different business lines through various entities. Our vision is to facilitate the real-world adoption of stablecoins in the real economy, assist cross-border trade in solving payment challenges, and expand the application scenarios of stablecoins. PANews: You just mentioned that you launched a new brand, "Yuanwen Payment," some time ago. Could you share the strategic considerations behind this move? Rita Liu: The main purpose is to differentiate stablecoin issuance from payment services. On May 21st, the Hong Kong Legislative Council passed the Stablecoin Bill. Our wholly-owned subsidiary, Yuancoin Innovation Technology, is involved in building the local Hong Kong regulatory framework for stablecoins and actively participating in compliance practices in Hong Kong's fintech sector. Last year, we also entered the stablecoin issuer sandbox. In the stablecoin market as a whole, besides issuance, there is a series of related ecosystems. One of them is the stablecoin payment sector, which has become particularly popular since last year. Stablecoin payments actually have different scenarios, such as B2B, B2C, and C2C. Yuanwen Payment is a stablecoin payment platform focused on B2B scenarios, which includes functions such as wallet, fiat currency, and withdrawal. PANews: Yuanwen Payment focuses on cross-border payment services. In your opinion, what is the biggest pain point in the current global cross-border payment system? Rita Liu: I believe that both the global payment system and the financial system still suffer from inefficiencies and a lack of transparency at different stages. Current electronic systems evolved from paper-based systems and involve many intermediaries. The presence of intermediaries easily leads to a lack of transparency. Take global cross-border payments as an example; we often mention the SWIFT system, but SWIFT only handles messages, that is, the flow of information. Suppose I want to remit money from Hong Kong to another country. Aside from the SWIFT message flow, the clearing and settlement are handled between banks, i.e., intermediary banks. However, these are essentially reconciliations between private accounts. This means that if you're remitting to a region with a less developed local financial system, there aren't many intermediary banks. For example, from Hong Kong to an African country, it's very likely that the money will pass through several intermediary banks, creating a lack of transparency. Which intermediary banks will charge fees? When will the money arrive? These questions remain unclear. If stablecoins are used, they integrate information flow and capital flow based on blockchain, enabling true atomic settlement—meaning payment is settlement. Value exchange can be completed in minutes or even seconds from anywhere in the world, far exceeding traditional payment methods in both efficiency and transparency. Starting from Hong Kong, focusing on the implementation of application scenarios PANews: Regarding the question you just mentioned, what are Yuanbi Technology's differentiated competitive advantages? Rita Liu: In the long run, I think Yuancoin has two advantages. The first is its brand. I used to work in the internet finance industry, and Ant Financial's slogan was particularly memorable: "Simple because of trust." Finance is based on trust, and Yuancoin has made compliance and legality its foundation since its inception in 2020. Stablecoins must also be issued or circulated within the framework of compliance and legality in order to be truly adopted on a large scale. Over the past five years, we've progressed step by step. Regardless of what happens in the market, Yuanbi has always strived to establish a trustworthy and reliable brand image, which means we are unwavering in our commitment to serving our customers. In short, after five years of accumulation, we aim to build a compliant, legal, and trustworthy platform. Secondly, we focus on building a complete ecosystem. All our businesses are related to stablecoins. No matter what temptations come our way in the market, we have always been deeply involved in innovation related to stablecoins and building a stablecoin ecosystem. There's a frequent question about the actual use cases for stablecoins. We believe Hong Kong doesn't lack use cases; what it lacks is practical experience to build them from scratch, especially for traditional businesses and individuals. Users may have encountered stablecoin content on social media but don't know how to use them. Wallets are a prime example; the education cost is very high. However, with technological advancements, the user experience of Web 3 is improving, as is the user experience of self-custodied wallets, including withdrawals and solutions tailored to different application scenarios. Payments aren't a one-size-fits-all solution; B2B and B2C scenarios are completely different, requiring different payment solutions. This brings us back to our initial vision: connecting Web 2 and Web 3. We must combine the advantages of Web 3 with the essence of Web 2. Through the stablecoin payment platform OritaPay, we provide customers with front-end products, including a range of services such as withdrawals and settlements. Once Hong Kong issues a compliant and legal stablecoin, it will be very convenient for customers, as they already have existing accounts and infrastructure to use. While developing our entire ecosystem, we will also conduct extensive preliminary education work from the perspective of the real economy, guiding a large number of traditional enterprise customers to join us. PANews: Cross-border payments involve complex compliance requirements in different jurisdictions. How does Yuanbi Technology ensure the legality and compliance of its services globally? Rita Liu: Starting with the more mainstream countries and regions, global regulations are becoming increasingly mature. First, from the perspective of corporate ethics, as a company that operates on the basis of compliance and legality, our first thought wherever we go is whether the business we conduct is compliant in that local context. Second, from the perspective of global stablecoin regulation, as mentioned earlier, several major jurisdictions have already enacted relevant laws, but these are still in the process of implementation. Taking the United States as an example, the Genius Act has already been passed and become law, but it has not yet taken effect, and its regulatory details have not been released. These regulatory details include all systems related to the U.S. Treasury Department, such as the anti-money laundering standards system, all of which will have corresponding regulatory rules, but these have not yet been released. Therefore, I believe that the global process of regulatory compliance and legalization is still in its relatively early stages. Next, mutual recognition may be implemented between major jurisdictions, meaning that a company's license obtained in one jurisdiction can be used to legally and compliantly circulate assets in another jurisdiction. The US Genius License Act also mentions that mutual recognition standards will be established before it takes effect next year. Issues such as which regions will have mutual recognition and how these standards will be developed will likely be gradually resolved in this process. Mutual recognition will reduce friction for companies operating globally. Therefore, I believe this is an important trend. PANews: Where will Yuanbi Technology focus its future business and development? Rita Liu: Yuanbi Technology was founded in 2020 and has remained committed to this path ever since. In short, we strongly believe in the future of the stablecoin sector, and the entire ecosystem still has much to be developed. We hope to participate in every aspect of this ecosystem. In the next one to two years, we may see a trend of strong integration, such as the formation of alliances or so-called "super applications." Businesses need to consider how to capture value more deeply. For example, stablecoin issuers are developing public blockchains, and exchanges are also issuing stablecoins. Subsequently, payment companies may also develop their own stablecoins or public blockchains, creating a diverse and vibrant market. Yuancoin's core principle is compliance and legality. It deeply participates in various aspects of the integration process, including wallets and deposit/withdrawal functions, helping real-world businesses adopt legal and compliant stablecoins. We plan to establish a comprehensive ecosystem. I often mention the "four-layer theory," which includes the clearing layer, asset layer, withdrawal layer, and the top-level application layer. Yuancoin hasn't yet developed its own public blockchain, but we are working closely with shareholders like Hashkey, Solana, and Aptos, so we are indeed making progress. Therefore, a comprehensive ecosystem is a crucial strategy for us, and it's vital for serving the real economy. Once we truly penetrate the real economy, you'll find that many users are willing to use it, but the current barriers to entry are still too high. PANews: What unique advantages do you think Hong Kong has over other regions in terms of stablecoin development? Rita Liu: I think Hong Kong's unique advantages are obvious. Yuanbi has focused on B2B business from the beginning, and Hong Kong is a global trade settlement center and financial center. In addition, Hong Kong also has advantages in legal and financial infrastructure, which are very suitable for Web 3-related innovations. Of course, there may be many similar places around the world, but Hong Kong still holds enormous potential and opportunities. After all, before the era of stablecoins arrived, Hong Kong was already the most important settlement center in Greater China. Similarly, in the era of stablecoins, Hong Kong is very likely to maintain its first-mover advantage. Therefore, it plays a crucial role as a gateway, and our business has developed from there. Yuanbi focuses on B2B, but serving the real economy is not as easy as people imagine. Although enterprises generally demand more efficient and lower-cost payments than traditional methods, attracting them to adopt new products requires good infrastructure and customer experience. Furthermore, compared to other regions globally, Hong Kong's legislative progress regarding stablecoins and crypto-asset regulation has been remarkably efficient. Previously, financial legislation could take nine months, or even over a year, to go from passage to implementation. However, the stablecoin legislation was passed and took effect in just two and a half months, an unprecedented feat. This demonstrates Hong Kong's determination and is precisely why we remain optimistic about Hong Kong and have established a strong foothold there. PANews: The recent blunder by Paxos accidentally minting and burning 300 trillion PYUSD has drawn widespread attention in the market. Regarding the risks associated with such partners, what measures has Yuanbi Technology taken in terms of technical governance and internal controls to prevent similar risks? Rita Liu: There is now a consensus in the industry that crypto finance needs to move upmarket, from a haphazard development to stable and compliant large-scale applications. However, Paxos's "blunder" has happened before in traditional finance as well. Every few years, a bank will have a similar problem of incorrect amount input or wrong transfer. Because traditional financial institutions are based on centralized ledgers, this kind of situation has actually occurred quite many times. Whether in traditional finance or crypto finance, all matters involving money should be treated with utmost seriousness, requiring robust risk control and governance systems. While traditional finance is not perfect, there are still many areas where crypto finance can learn from its governance and compliance practices. The encryption industry has many advantages in terms of technology, but how to use technology to build user trust is a question that the entire industry should think about deeply. PANews: Yuanbi Technology announced in July this year that it had completed a $40 million Series A2 financing round. What are the key investments in products or technology in the future? Rita Liu: The industry-wide layout mentioned earlier needs to truly empower the real economy, which involves a lot of construction work and resource investment in each link. At the end of September, we announced the official establishment of OristaPay, which was the first step in clarifying our business lines from a branding perspective. OristaPay provides services to traditional financial institutions and physical customers from the client-side perspective, focusing on payment, wallet custody, and user experience. Our vision is to focus on B2B stablecoin infrastructure from the very beginning. Wallets are a very important issue in the payment industry because the final location of users' assets is the most crucial point. Actually, there are already B2C or C2C wallets available. Our current focus is on B2B enterprise-grade wallets, providing a smoother customer experience for trading companies in various traditional sectors by enabling them to address their pain points with stablecoins. In short, every step of our industry-wide strategy requires substantial financial support. PANews: What do you think are the pain points facing the development of the PayFi sector at this stage, and what will be the next growth curve or mainstream trend? Rita Liu: I don’t think there are any pain points in the innovation of PayFi at present. The industry is flourishing, and with the increasingly mature industry background of regulation in various places, PayFi has gone from being a concept to being implemented in various application scenarios. I'm also very excited about the industry's development, with various applications and services emerging, including B2B, B2C, remittances, and payment cards. Different players within the industry are gradually merging; for example, exchanges, stablecoin issuers, and traditional payment institutions are all starting to offer payment services. Although we are currently focused on B2B, and everyone may be entering the market from different application scenarios, the merging of these different roles could lead to the development of a "super application." The main challenge facing the industry as a whole lies in the varying regulatory progress across different jurisdictions. Companies need to comply with local regulations, which is a normal challenge faced by all types of financial institutions. Therefore, companies need to closely monitor the regulatory situation in various regions. PANews: Based on your experience, what advice would you give to institutions or teams going to Hong Kong to participate in stablecoin business? Rita Liu: I think choosing the right application scenario and thoroughly understanding it is crucial. It's more important to optimize the user experience for your specific target audience than to have a product that 100 people love while 10,000 people find it optional. This has always been a key issue in Web 3. In short, my advice is to choose the right scenario and continuously cultivate it.