On December 3, Hoe Ee Khor, Chief Economist of the ASEAN+3 Macroeconomic Research Office (AMRO), stated that stablecoins issued by non-bank institutions are unlikely to become mainstream in the money market and have limited capacity to serve the real economy. At the same time, the People’s Bank of China also pointed out that stablecoins pose risks of money laundering and fraud. Currently, many regions around the world are exploring the development of digital currencies, with central banks, banks, and non-bank financial institutions all launching new payment tools.