According to online reports, on June 21, at the 2025 Mid-term Forum of the China Macroeconomic Forum (CMF) of Renmin University of China, Li Yang, member of the Faculty of the Academy of Social Sciences of China and Chairman of the National Finance and Development Laboratory, delivered a speech entitled "Continuously Enriching China's Monetary Policy Toolbox." Li Yang said that from three aspects, the current environment for formulating and implementing monetary policy is becoming increasingly complex. First of all, domestic effective demand is insufficient, prices are low, and expectations are weak. Areas such as promoting economic growth, promoting scientific and technological progress, and improving income distribution are still under pressure. Secondly, the international "major changes unseen in a century" are accelerating, the globalization process has stalled, geopolitics are tense, and the world pattern has entered fragmentation, multipolarity and bilateralization. There is no exception to international economy, international trade or international finance. Moreover, stablecoins have successively passed legislative procedures in Europe, the United States, and Hong Kong, making the challenges posed by digital technology to current monetary, financial, monetary and financial policies and even monetary and financial theories explicit. Li Yang pointed out in particular that although there are many types of virtual currencies in existence, only stablecoins have entered the legislative process, and this matter needs to be paid great attention. Stabilizers and traditional currencies have significantly different theoretical foundations and operating characteristics, which will pose new challenges to the traditional monetary and financial system.