According to a report from the Finance 40 Forum, Zhou Xiaochuan, former governor of the People's Bank of China, recently expressed his views, comprehensively examining the development prospects and potential risks of stablecoins from six perspectives. He pointed out that stablecoins may lead to excessive money supply and high leverage, amplifying risks. This amplification effect is manifested through deposit and lending, mortgage financing, and asset market transactions.

Zhou Xiaochuan questioned the actual need for decentralization and tokenization, arguing that the existing centralized account system performs well. He emphasized the need to guard against price manipulation in the stablecoin market and that commercial institutions issuing stablecoins should balance profit motives with a public service spirit. He also noted the limited appeal of cross-border payment applications. Zhou called for a multi-dimensional analysis of the development path of stablecoins to avoid one-sided thinking and imprecise use of concepts.