According to Bloomberg, Zhou Xiaochuan, former governor of the People's Bank of China, warned in a closed-door meeting in mid-July that stablecoins could provoke speculative behavior, thereby undermining financial stability. He pointed out that stablecoins have limited cost advantages compared to China's existing retail payment systems and added that the notion that traditional cross-border payments are 'extremely costly' may be exaggerated. He also stated that the regulatory frameworks in the United States, Hong Kong, and Singapore have not yet adequately ensured that stablecoins 'should be fully backed by liquid assets,' emphasizing the need to be vigilant against fraud and systemic risks arising from their excessive use in speculative asset trading.