【Li Yang: From the perspective of deposits as the main body of currency, Alipay and WeChat Pay are similar to stablecoins】Golden Finance reports that Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, stated that the trend of integration and development between stablecoins, cryptocurrencies, and the traditional financial system is difficult to reverse. It is necessary to coordinate the relationship between the central bank's traditional currency and the digital renminbi, as well as financial innovations initiated by 'civil society' such as Alipay and WeChat Pay. It should be noted that Alipay and WeChat Pay are all based on bank deposit accounts as underlying assets. From the perspective of deposits as the main body of currency, they have a lot in common with stablecoins. Therefore, as long as the institutional design is reasonable, there should be no problem in coordinating the development of these official and civil payment mechanisms.