What does China's most influential former central bank governor think of stablecoins? Zhou Xiaochuan highlighted the multifaceted risks and opportunities of stablecoins. He warned that stablecoins could pose instability risks if issuance and leverage are not properly managed. While stablecoins can support DeFi and tokenization, existing payment systems are generally sufficient. Compliance, investor protection, and actual circulation demand are crucial, and speculative use could threaten their sustainability. A cautious, multifaceted strategy is necessary. Read more