On June 21, PANews reported that Li Yang, a member of the Chinese Academy of Social Sciences and Chairman of the National Financial and Development Laboratory, delivered a keynote speech titled 'Several Important Issues in Current Chinese Macroeconomics' at the CITIC Securities 2025 Mid-term Capital Market Investment Summit on June 17. Li Yang stated that the United States is promoting stablecoin legislation, with the clear legislative purpose of serving the interests of the US dollar: modernizing dollar payments, consolidating and strengthening the international status of the dollar, and creating trillions of new demand for US Treasury bonds. The stablecoin mechanism cleverly transforms the expansion of the cryptocurrency market into an extension of dollar influence on the blockchain. In the face of the stablecoin wave, China needs to advance comprehensively on two fronts. On one hand, since any form of stablecoin cannot avoid the issue of monetary sovereignty, firmly promoting the internationalization of the RMB remains the core task in cultivating a strong currency (RMB). On the other hand, it must be recognized that the trend of the integration and development of stablecoins, cryptocurrencies, and the traditional financial system will be difficult to reverse. Stablecoins and cryptocurrencies will achieve complementary development with central bank digital currencies, comprehensively improving payment efficiency and reducing payment costs, reconstructing the global payment system, and driving the development of DeFi. Regarding further development paths, it is necessary to make full use of Hong Kong's favorable conditions, relying on its status as a financial center and existing institutional foundation (such as the USDT headquarters in Hong Kong), to develop offshore RMB stablecoins and build controllable international payment channels.