Internet reports that U.S. President Trump signed the stablecoin Regulation Act on the 18th. This is the first stablecoin legislation in the United States at the federal level. However, what risks are hidden in the development of stablecoins and how it will reshape the financial ecosystem have attracted attention. The British "Financial Times" stated that the cross-border flow of funds in stablecoins is anonymous, making it difficult for regulators to effectively track the flow of funds and accurately count the size of funds. This provides an opportunity for illegal financial activities such as money laundering and greatly increases the difficulty of supervision. In countries and regions with weak financial systems, the widespread use of stablecoins will inevitably have a strong impact on the local financial system. Once a stablecoin crisis occurs, it can easily trigger a chain crisis of market trust, which in turn leads to the outbreak of run risks.