Former Governor of the People's Bank of China Zhou Xiaochuan pointed out the deep contradictions of stablecoins from multiple dimensions:
Nature of Risk: Issuers lack a public responsibility awareness for monetary policy as held by central banks, which may lead to over-issuance or uncontrolled reserve management. At the same time, there are loopholes in the compliance of stablecoins, and their 'soft wallet' model struggles to meet Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
Demand Doubts: Payment systems based on accounts (like central bank digital currencies, QR code payments) have been realized in Asian countries with high efficiency and low cost; comprehensive tokenization lacks necessity. The 'Unified Ledger' proposal by the Bank for International Settlements (BIS) attempts to find a compromise, but not all financial assets are suitable for tokenization.
Regulatory Direction: It is necessary to strictly isolate the commercial profit motives of stablecoins from the public attributes of payment infrastructure, clarify the boundaries between market-based services and public functions, and prevent market manipulation from harming underage investors.