Li Yang: Stablecoins have a distinctly different theoretical foundation and operational characteristics compared to traditional currencies, which will pose new challenges to the traditional currency financial system.

[Li Yang: Stablecoins have a significantly different theoretical basis and operational characteristics from traditional currencies, which will pose new challenges to the traditional monetary and financial system. On June 21, at the 2025 Mid-term Forum of the China Macroeconomic Forum (CMF) of the Chinese University of China (No. 69), Li Yang, member of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, delivered a speech entitled "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, domestic effective demand is insufficient, prices are low, and expectations are weak. Promoting economic growth, promoting scientific and technological progress, and improving income distribution are still under pressure. Second, the international "great changes unseen in a century" have accelerated, the process of globalization has stalled, geopolitical tensions have brought the world pattern into fragmentation, multipolarization and bilateralization, whether it is the international economy, international trade or international finance. In addition, stablecoins have passed the legislative process in Europe, the United States, and Hong Kong, making the challenges posed by digital technology to the current monetary, financial, monetary and financial policies, and even monetary and financial theories explicit. Li Yang specifically pointed out that although there are various types of virtual coins existing, only stablecoins have entered the legislative process, which requires high attention. Stablecoins have a clearly different theoretical basis and operational characteristics compared to traditional currencies, and will pose new challenges to the traditional monetary financial system.