According to online reports, former Vice Minister of Finance Zhu Guangyao shared his observations on the recent dynamics of stablecoins in a speech at the closed-door seminar of the New Economist Think Tank "The Future of stablecoins", interpreted the U.S. policy adjustments on stablecoins, and After analyzing stablecoins related data, he proposed my country's policy path to deal with stablecoins from a macro level. Talking about how stablecoins pegged to legal currencies affect the international monetary system and international financial order, Zhu Guangyao said that stablecoins pegged to the US dollar will open the third phase of the Bretton Woods system. Regarding what strategy should China adopt to deal with the issue of stablecoins, Zhu Guangyao believes that it can be advanced from three aspects. First, we should make full use of the pilot trials of the offshore market in the Hong Kong Special Administrative Region. Hong Kong's "Stable Coin Ordinance" will officially come into effect on August 1 this year. As China's external window, Hong Kong provides a key platform to implement relevant measures. Hong Kong must fully affirm and give full play to this role, strengthen policy communication between the financial regulatory authorities of the mainland and Hong Kong, and at the same time firmly seize this valuable window opportunity. Second, the core strategy of a stablecoin must focus on the RMB. Whether it is offshore RMB or onshore RMB, it is necessary to promote the establishment of a stable currency pegged to the RMB. While supporting the Hong Kong banking system, the RMB stable currency must be incorporated into the superstructure of the national financial strategy for overall planning. Third, we must closely observe the global use of stablecoins pegged to fiat currencies, especially in the following three aspects. First, we must closely monitor the implementation of the stablecoin act once it becomes law on August 1, as Trump said; second, we must monitor the promotion of stablecoins pegged to fiat currencies in different regions and countries; and finally, we must observe the role played by state governments, regulatory agencies and commercial institutions in the issuance of stablecoins pegged to fiat currencies.