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Core Viewpoint - The booming market for stablecoins has led to various irregularities and illegal activities, particularly in the promotion of virtual currency trading among mainland consumers, despite regulations prohibiting such activities in China [1][12][14]. Irregularities - Personal accounts on platforms like Xianyu are selling software installation packages for various cryptocurrency exchanges, claiming to provide guidance and support for new users, with prices ranging from 0.1 yuan to 9.99 yuan [2][4]. - Some accounts are marketing entry qualifications for trading groups at high prices, such as 140 yuan per month, which only grants access to a group without any substantial services [4][8]. Legal Risks - The promotion of trading software and guidance by personal accounts constitutes potential illegal activities, including unauthorized financial services and aiding in information network crimes [8][15]. - The marketing activities of overseas exchanges targeting mainland users are classified as illegal financial activities under Chinese law, regardless of the location of the service provider [14][15][16]. Market Dynamics - The surge in stablecoin popularity has attracted significant capital into the cryptocurrency market, leading to inflated prices for stocks associated with stablecoins, even if they are not directly related to the business [19]. - There is a concern that the association of unrelated companies with stablecoin concepts may mislead investors regarding the actual business scope and regulatory environment [19][20]. Recommendations - Industry experts suggest enhancing cross-border regulatory measures to combat illegal activities and improve investor education to raise awareness of the risks associated with cryptocurrency trading [20][21]. - Companies should ensure proper information disclosure and avoid misleading market perceptions regarding their involvement in stablecoin-related activities [20].