According to Odaily Planet Daily, the Management Science Department of the National Natural Science Foundation of China (NSFC) recently released application guidelines for the third 2025 emergency management project, "Research on Global Stablecoin Risk Governance and Cross-Border Collaborative Regulatory Systems." This project focuses on the challenges posed by stablecoins to the international monetary system and their risk transmission mechanisms. It comprises one overarching project and five sub-projects, covering the structural evolution of stablecoins, their inherent vulnerabilities, their impact on monetary sovereignty, the impact on the financial intermediary system, and the global regulatory framework.