Jin Se Finance reports that Zhou Xiaochuan, the former governor of the People's Bank of China, published an article (Multi-dimensional Perspective on Stablecoins) that deeply analyzes the current development status and potential risks of stablecoins. Zhou Xiaochuan pointed out that the central bank has two main concerns regarding stablecoins: first, the risk of "over-issuance of currency", meaning that issuers may issue stablecoins excessively without having 100% real reserves; secondly, the high leverage amplification effect, where the operation of stablecoins after issuance may generate a multiplier effect derived from currency. He believes that the currently centralized managed account system still has good applicability, and the view that comprehensive tokenization can replace account payment systems lacks sufficient basis. The existing regulatory frameworks, such as the US (Genius Act), relevant regulations in Hong Kong, and Singapore's regulatory provisions, have not adequately addressed these issues. Zhou Xiaochuan stated that although the market generally believes that stablecoins will reshape the payment system, objective assessments show that the cost optimization space of the current payment system, especially in the retail payment sector, is already quite limited. He warned against the excessive use of stablecoins for asset speculation, as this deviation could lead to fraudulent activities and instability in the financial system. The article also mentions that obtaining a license and paying reserve funds does not equate to successfully issuing stablecoins. Without sufficient application scenarios, stablecoins may struggle to achieve effective circulation, potentially leading to a situation of "licensed but not issued". Whether stablecoins serve as a temporary payment tool during transactions or as a means of value storage during specific periods will directly impact their market retention.