Internet reports that recently disclosed minutes of the April 10 meeting showed that members of the Federal Reserve's Community Depositary Institutions Advisory Committee (CDIAC) expressed concerns about stablecoins issued by non-bank institutions. The committee believes that such stablecoins could accelerate the outflow of bank deposits and weaken the ability of community banks to provide loans to small and medium-sized enterprises and households. The committee likened stablecoins to the impact of money market funds on the banking industry at the end of the 20th century, pointing out that they, similar to central bank digital currencies (CBDC), could divert the deposit base of the banking system. It particularly emphasized that the current stablecoins are not subject to the same liquidity regulatory requirements, which may lead to banks reducing the scale of credit, especially affecting small borrowers who rely on local bank services. The committee recommended that stablecoins be included in the financial stability regulatory framework, requiring the implementation of uniform standards for banks and non-bank issuers to prevent regulatory arbitrage. This position echoes Federal Reserve Chairman Powell's statement on April 16-although he acknowledged the broad appeal of stablecoins, he emphasized the need to establish an appropriate regulatory system.