The Governor of the People's Bank of China, Pan Gongsheng, stated today that blockchain technology has driven the vigorous development of stablecoins, achieving a bottom-up transformation of payment and settlement systems, significantly shortening the cross-border payment chain, but also posing significant challenges to financial regulation. He pointed out that technologies such as smart contracts and decentralized finance (DeFi) will continue to promote the evolution and development of cross-border payment systems.