Former Governor of the People's Bank of China Zhou Xiaochuan: Promoting stablecoins carries enormous risks and may threaten the stability of the financial system. This judgment is based on multiple considerations:
The existing payment system is highly mature: China's retail payment network, including Alipay, WeChat Pay, and the central bank's digital currency (digital RMB e-CNY), has demonstrated excellence in efficiency and cost, making it difficult for stablecoins to find irreplaceable application scenarios within it.
Potential Speculation and Manipulation Risks: Stablecoins are likely to evolve into speculative tools rather than payment means, and their markets are susceptible to manipulation and fraud. Even in regions with established regulatory frameworks like the United States, Hong Kong, and Singapore, not all risks may be fully covered.
Macroeconomic Stability and Policy Challenges: The large-scale application of stablecoins may disrupt market stability, and more critically, it may undermine a country's ability to effectively implement macroeconomic policies (especially capital project management), posing challenges to sovereign monetary policy and financial sovereignty.
This statement contrasts sharply with the rapid development of the global stablecoin market. The global supply of stablecoins has surged to about $270 billion, with predictions suggesting that its scale may exceed $1.8 trillion by 2028.
Given Zhou Xiaochuan's significant influence in China's financial sector, this clear rejection strongly suggests that it is almost impossible for China to provide a loose development environment for global stablecoins like Tether (USDT) or USD Coin (USDC) in the short term. Any expectations for such assets to gain official recognition and widespread adoption in China may be difficult to achieve in the foreseeable future. Financial innovation in China will continue to be cautiously advanced under the premise of strict risk control, especially in maintaining financial stability and national financial security.
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