According to online reports, Zhou Xiaochuan, former governor of the People's Bank of China, published an article "Multi-dimensional Examination of Stabiloins" to provide an in-depth analysis of the development status and potential risks of staboins. Zhou Xiaochuan pointed out that the central bank mainly has two concerns about stablecoins: first, the risk of "abusive currency issuance", that is, the issuer overissues stablecoins in the absence of 100% real reserves; second, the high leverage amplification effect, and the post-issuance operation of stablecoins may produce a multiplier effect of currency derivatives. He believes that the current centrally managed account system still has good applicability, and the view of replacing the account payment system through comprehensive tokenization lacks sufficient basis. Existing regulatory frameworks such as the U.S. Genius Act, relevant Hong Kong regulations and Singapore regulatory regulations have not yet addressed these issues to a satisfactory extent. Zhou Xiaochuan said that although the market generally believes that stablecoins will reshape the payment system, objective assessments show that the current payment system has very limited room for cost optimization, especially in the retail payment field. He warned of the need to guard against the excessive use of stablecoins for asset speculation, which could lead to fraud and instability in the financial system. The article also mentioned that obtaining a license and paying provisions are not the same as successfully issuing stablecoins. Without sufficient application scenarios, it will be difficult for stablecoins to form effective circulation, and a situation of "licensed and no coin" may arise. Whether a stablecoin is used as a temporary payment tool during transactions or a means of storing value during a specific period of time will directly affect its market reserve.