According to online reports, the Department of Management Science of the National Natural Science Foundation of China recently released the application guide for the third emergency management project in 2025,"Research on Global stablecoin Risk Governance and Cross-Border Collaborative Supervision System". The project focuses on the challenges of stablecoins to the international monetary system and their risk transmission mechanisms. It includes 1 general topic and 5 sub-topics, covering the structural evolution of stablecoins, intrinsic fragility, impact on monetary sovereignty, impact on financial intermediation systems, and global regulatory framework and other aspects.