According to online reports, well-known economist Hong Hao recently asked in an online conversation,"stablecoins: Just a craze or a real game changer?" This topic shares the latest views. Hong Hao believes that most stablecoins issued in Hong Kong will be issued based on Hong Kong dollars rather than U.S. Treasury bonds. In addition, the Hong Kong Monetary Authority has very large foreign exchange reserves, so Hong Kong stablecoins may be more stable than those in the United States. And the current stablecoin market is still very small, only US$250 billion. He predicts that as more and more participants join, it will soon exceed a trillion dollars. In theory, the issuance of stablecoins will indeed increase demand for U.S. Treasury bonds, because there are now multiple participants in the market who can issue stablecoins based on U.S. Treasury bonds. Hong Hao predicts that in the future, the real demand for US Treasury bonds will depend on the fiscal stability of the US government. In addition, he pointed out that in order to allow foreign participants to buy and sell more with China, stablecoins are one of the better ways to solve the cost and speed of cross-border transactions. But for China's regulators, stablecoins also mean decentralization of the payment system, which may pose a challenge to the existing regulatory framework. But in any case, he said: "The craze for stablecoins has begun, and stablecoin technology will become more and more prominent in daily life. This will be a trend."