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.

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]