Twenty years have passed since my first visit to Shenzhen. Nowhere is more suitable for global arbitrage than Shenzhen. The future of cryptocurrencies and stablecoins will not be determined by white Americans, but by Shenzhen's merchants. Shenzhen is like medieval Florence. Information gaps, price gaps, and time gaps are amplified here. The essence of international trade is the restructuring of global cost structures. Whoever controls the three cards of "price, time, and credit" will profit.