Analyzing recent stablecoin market risks, it can be seen that China's attitude towards stablecoins has become very clear - a resolute halt. This decision considers multiple factors: firstly, USD stablecoins have already dominated the market, and the development of non-USD stablecoins is extremely limited. Secondly, there are many issues with US stablecoin legislation, which could backfire on stablecoins themselves. More importantly, promoting the development of the Renminbi stablecoin offers no advantages and may even threaten monetary sovereignty and financial security. Overall, China's choice to focus on developing the Digital Renminbi while strictly controlling virtual currencies, including stablecoins, is a rational decision based on national strategy and security considerations. Moving forward, close attention should be paid to regulatory developments regarding stablecoins and their impact on the cryptocurrency market.