Zhou Xiaochuan, former governor of the People's Bank of China, published an article "A Multi-dimensional Examination of Stablecoins", conducting an in-depth analysis of the current development and potential risks of stablecoins.

Zhou Xiaochuan pointed out that the central bank mainly has two concerns about stablecoins: firstly, the risk of "excessive issuance of currency", that is, the issuer may over-issue stablecoins without having 100% real reserves; secondly, the high leverage amplification effect, the operation of stablecoins after issuance may generate a multiplier effect of currency derivatives.

He believes that the currently centralized account system still has good applicability, and the view of fully tokenizing the account payment system lacks sufficient basis. Existing regulatory frameworks such as the U.S. "Genius Act", Hong Kong related regulations, and Singapore regulatory requirements have not yet satisfactorily addressed these issues.

Zhou Xiaochuan stated that although the market generally believes that stablecoins will reshape the payment system, objective evaluations show that the current payment system, especially in the retail payment sector, has very limited room for cost optimization. He warned against the excessive use of stablecoins for asset speculation, as this deviation could lead to fraudulent behavior and financial system instability.

The article also mentioned that obtaining a license and paying a reserve fund does not guarantee successful issuance of stablecoins. Without sufficient application scenarios, stablecoins may have difficulty forming effective circulation, leading to a situation of "having a license but no coins". Whether stablecoins are used as temporary payment tools during transactions or as a means of value storage during specific periods will directly affect their market retention.