Economic Daily published an article: Stablecoins still face uncertainty. The core problem is that they are highly dependent on the liquidity and credit security of anchored assets.

Odaily News China Economic Net's Economic Daily published an article today titled "There are Unstable Risks Behind Stablecoins", saying that the stablecoin market has continued to heat up recently, and Circle's 168% surge on its first day of listing has attracted great attention from the market. The current global stablecoin market value has reached 250 billion US dollars.
Its analysis stated that stablecoins can bypass some traditional intermediaries and complete payments, storage and value transfers directly on the blockchain, which is of practical significance in scenarios requiring high-frequency transactions, cross-border transfers and digital economic settlements.
However, when there is insufficient reserves or large-scale redemption, stablecoins may face the risk of decoupling. The global regulatory framework for stablecoins has not yet been fully established, and it is prone to risk issues such as regulatory arbitrage. If countries disagree on regulatory standards in the future, the global circulation of stablecoins may be hindered. At present, stablecoins still face a series of challenges and uncertainties. The core problem is that they are highly dependent on the liquidity and credit security of anchor assets.