According to Wall Street Insights, the Institute of Finance of the Chinese Academy of Social Sciences released the Macro Financial Analysis Report for the second quarter of 2025. The report points out that the uncertainty of the current international monetary system is rising. Although the dollar hegemony will not collapse in the short term, the future international monetary system is more likely to show the dual evolution characteristics of "fragmentation" and "diversification". Against this background, China needs to promote the diversification of reserve currencies, enhance the security of foreign exchange reserves, steadily and prudently promote the internationalization of the RMB, attach importance to the development trend of global stablecoins, and promote the evolution of the international monetary system towards diversification, fairness, and stability. [Foresight News]

Chinese Academy of Social Sciences report focuses on stablecoins and China's response, suggests exploring applications through regulatory sandboxes and other methods

On July 28, according to Jinshi Data, Hu Zhihao, a researcher at the Institute of Finance of the Chinese Academy of Social Sciences and deputy director of the National Institution for Finance & Development, published an article in the Economic Daily stating that in 2017, USDT, which was still in its early stages of development, triggered a crisis of confidence due to doubts about the authenticity of its reserves. In March 2023, USD Coin (USDC), known for its "reserve transparency and strong compliance," also experienced a run due to the fact that a portion of its reserve assets were deposited in Silicon Valley Bank, which went bankrupt. If fiat-backed stablecoins are like this, then what about the various "death spirals" that algorithmic stablecoins have experienced? This forces us to take seriously the fact that stablecoins with partial monetary functions must accept corresponding regulation due to their public good attributes. At present, we must neither turn a blind eye to the stablecoin craze, nor rush into it blindly. We should recognize the essence of stablecoins, promote their advantages and avoid their disadvantages, and strive to create a good ecosystem for promoting the healthy development of the digital economy. [TechFlow]

USDT

USDC

Researcher at the Institute of Finance, Chinese Academy of Social Sciences: Whether stablecoins can remain stable remains to be seen

On July 28, Hu Zhihao, a researcher at the Institute of Finance of the Chinese Academy of Social Sciences and deputy director of the National Finance and Development Laboratory, published an article in the Economic Daily stating that in 2017, USDT, which was still in its early stages of development, had been questioned about the authenticity of its reserves, which led to a crisis of trust. In March 2023, USDC, known for its "transparent reserves and strong compliance", suffered a run on its reserves as part of its reserve assets were deposited in Silicon Valley Bank, following the bankruptcy of Silicon Valley Bank. This is the case with legal stablecoins, let alone the various "death spirals" that algorithmic stablecoins have encountered. This forces us to take it seriously. Stablecoins that have some monetary functions must be subject to corresponding supervision due to their public goods attributes. At present, we can neither turn a blind eye to the craze for stablecoins nor rush into it. We should seek benefits and avoid harm while recognizing the nature of stablecoins, and strive to create a good ecology that promotes the healthy development of the digital economy. [PANews]

Expert: Whether stablecoins can be stable remains to be seen

On July 27, according to the Economic Observer Network, Chen Yulu, President of Nankai University, stated in his opening speech at the "2025 International Finance Forum" that artificial intelligence and the digital economy are reshaping the global economic development process, and digital currencies have become the core variable in the reconstruction of the international monetary system. He emphasized that the forceful promotion of unipolar stablecoins by individual countries will exacerbate systemic risks due to five major hidden dangers: "deviating from the multipolar pattern, amplifying traditional financial risks, the shock spillover of US debt and the US dollar, the increased new transmission channels for traditional currency mismatch risks, and regulatory vacuum." He called for adhering to the three principles of "value authenticity, system robustness, and inclusive inclusiveness" to promote the coordinated development of central bank digital currencies and compliant stablecoins, jointly build a multilateral digital currency liquidity mutual assistance network, join hands with the "Global South" to build an equal and mutually beneficial digital Silk Road, and shape an inclusive and universally beneficial new global digital currency financial order. [Techflow]

Nankai University President: Systemic Risks of Unipolar Stablecoins Must Be Prevented

On July 27th, Chen Yulu, President of Nankai University, stated in the opening speech of the "2025 International Financial Forum" that artificial intelligence and the digital economy are reshaping the global economic development process, and digital currency has become a core variable in the reconstruction of the international monetary system. He emphasized that the unilateral promotion of stablecoins by individual countries will exacerbate systemic risks due to five major hidden dangers: "deviation from a multipolar framework, amplification of traditional financial risks, spillover of U.S. Treasury bond and U.S. dollar fluctuations, increased risk of traditional currency misalignment through new transmission channels, and regulatory vacuum." Chen Yulu called for adhering to the three major principles of "intrinsic value, systemic stability, and inclusive outreach," promoting the coordinated development of central bank digital currencies and compliant stablecoins, jointly building a multilateral digital currency liquidity mutual assistance network, and working together to construct an equal and mutually beneficial Digital Silk Road in the "Global South," shaping a inclusive and equitable global digital currency financial new order. (Economic Observer Network) [BlockBeats News]

Viewpoint: The unilateral promotion of a stablecoin by individual countries will exacerbate systemic risk due to hazards such as U.S. Treasury bond and U.S. Dollar volatility spillover.

On July 27th, Chen Yulu, President of Nankai University, stated in his opening speech at the "2025 International Finance Forum" that artificial intelligence and the digital economy are reshaping the global economic development process, and digital currencies have become the core variable in the reconstruction of the international monetary system. He emphasized that the forceful promotion of unipolar stablecoins by individual countries will exacerbate systemic risks due to five major hidden dangers: "deviating from the multipolar pattern, amplifying traditional financial risks, the shock of US debt and the US dollar spilling over, the increased new transmission channels for traditional currency mismatch risks, and regulatory vacuum." Chen Yulu called for adhering to the three major principles of "value authenticity, system robustness, and inclusive inclusiveness," promoting the coordinated development of central bank digital currencies and compliant stablecoins, jointly building a multilateral digital currency liquidity mutual assistance network, working together with the "Global South" to build an equal and mutually beneficial digital Silk Road, and shaping an inclusive and universally beneficial new global digital currency financial order. (Economic Observer Network) [律动]

Opinion: Certain countries' forceful promotion of unipolar stablecoins will exacerbate systemic risks due to the spillover effects of U.S. Treasury bonds and U.S. dollar fluctuations.

On July 27, Chen Yulu, President of Nankai University, stated in his opening speech at the "2025 International Finance Forum" that artificial intelligence and the digital economy are reshaping the global economic development process, and digital currencies have become the core variable in the reconstruction of the international monetary system.

He emphasized that the forceful promotion of unipolar stablecoins by individual countries will exacerbate systemic risks due to five major hidden dangers: "deviation from the multipolar pattern, amplification of traditional financial risks, shock spillover from US debt and the US dollar, increased new transmission channels for traditional currency mismatch risks, and regulatory vacuum." Chen Yulu called for adhering to the three principles of "value authenticity, systemic robustness, and inclusive inclusiveness," promoting the coordinated development of central bank digital currencies and compliant stablecoins, jointly building a multilateral digital currency liquidity mutual assistance network, working together with the "Global South" to build an equal and mutually beneficial digital Silk Road, and shaping an inclusive and universally beneficial new global digital currency financial order. (Economic Observer Network) [律动]

Opinion: Certain countries' forceful promotion of unipolar stablecoins will exacerbate systemic risks due to the spillover effects of U.S. Treasury bonds and U.S. dollar volatility, among other hidden dangers.

Chen Yulu, President of Nankai University, stated in his opening speech at the "2025 International Finance Forum" that artificial intelligence and the digital economy are reshaping the global economic development process, and digital currencies have become the core variable in the reconstruction of the international monetary system. He emphasized that the forceful promotion of unipolar stablecoins by individual countries will exacerbate systemic risks due to five major hidden dangers: "deviation from the multipolar pattern, amplification of traditional financial risks, shock spillover from US debt and the US dollar, increased new transmission channels for traditional currency mismatch risks, and regulatory vacuum." Chen Yulu called for adhering to the three major principles of "value authenticity, system robustness, and inclusive sharing" to promote the coordinated development of central bank digital currencies and compliant stablecoins, jointly build a multilateral digital currency liquidity mutual assistance network, join hands with the "Global South" to build an equal and mutually beneficial digital Silk Road, and shape an inclusive and universally beneficial new global digital currency financial order. (Economic Observer Network) [Odaily]

Nankai University President: The forceful promotion of unipolar stablecoins by individual countries will exacerbate systemic risks due to hidden dangers such as the spillover effects of US Treasury bonds and US dollar fluctuations.

On July 27th, according to Sina Finance, the "2025 International Monetary Forum" was held on July 27th. Li Liuhui, former president of the Bank of China, believes that stablecoins have the role of innovative financial convenience, but also have systemic financial risks. He said that the United States hopes to bind stablecoins to the US dollar in order to maintain its global monetary and financial hegemony. If the United States cannot improve its twin deficits, it may affect the stability of its currency value. In addition, he pointed out that Hong Kong stablecoins can relax domestic access when conditions are met, helping the internationalization of the RMB. He also emphasized that it is necessary to track the dynamics of the decentralized financial market represented by the United States and enhance China's position in the global monetary and financial system. [TechFlow]

Former President of Bank of China: Stablecoins have the role of innovative financial convenience, but also have systemic financial risks.

Li Lihui, former President of Bank of China, stated at the "2025 International Monetary Forum" that stablecoins play a role in innovative financial convenience but also pose systemic financial risks. He mentioned that the United States hopes to peg stablecoins to the US dollar to maintain global currency hegemony. If the United States cannot improve its twin deficits, it may affect the stability of its currency value. Additionally, he pointed out that Hong Kong's stablecoin can relax domestic access conditions when conditions are met, helping the internationalization of the RMB. He also emphasized the need to track the dynamics of the decentralized financial market represented by the United States and enhance China's position in the global monetary financial system. [BlockBeats News]

Chinese Bank Former President: Stablecoin Has an Innovative Role in Facilitating Finance, But Also Poses Systemic Financial Risks

On July 27, Li Liuhui, former president of the Bank of China, stated at the "2025 International Monetary Forum" that stablecoins have the role of innovative financial facilitation, but also have systemic financial risks.

He stated that the United States hopes to bind stablecoins to the US dollar in order to maintain its global monetary and financial hegemony. If the United States cannot improve its twin deficits, it may affect the stability of its currency value. In addition, he pointed out that Hong Kong stablecoins can relax domestic access when conditions are met, helping the internationalization of the RMB.

He also emphasized that it is necessary to track the dynamics of the decentralized financial market represented by the United States and enhance China's position in the global monetary and financial system. [BlockBeats]

Former President of Bank of China: Stablecoins have the role of innovative financial convenience, but also have systemic financial risks

据Wall Street Insights报道，中国社会科学院金融研究所发布了2025年第二季度的宏观金融分析报告。报告指出，当前国际货币体系的不确定性正在加剧。尽管美元霸权在短期内不会崩溃，但未来的国际货币体系更可能呈现“碎片化”和“多元化”这两种演变特征。在此背景下，中国需要推动储备货币的多元化，增强外汇储备的安全性，稳健而审慎地推进人民币国际化，重视全球稳定币的发展趋势，推动国际货币体系向多元化、公平和稳定的方向演进。[Foresight News]

中国社会科学院的报告聚焦于稳定币及中国的应对措施，建议通过监管沙盒等方式探索其应用。

據Wall Street Insights報道，中國社會科學院金融研究所發佈了2025年第二季度的宏觀金融分析報告。報告指出，當前國際貨幣體系的不確定性正在加劇。儘管美元霸權在短期內不會崩潰，但未來的國際貨幣體系更可能呈現“碎片化”和“多元化”這兩種演變特徵。在此背景下，中國需要推動儲備貨幣的多元化，增強外匯儲備的安全性，穩健而審慎地推進人民幣國際化，重視全球穩定幣的發展趨勢，推動國際貨幣體系向多元化、公平和穩定的方向演進。[Foresight News]