According to Wu, Li Yang, the chairman of the National Financial and Development Laboratory, recently conducted an in-depth analysis of stablecoins from five perspectives at the seminar on "The Development Prospects of Renminbi Stablecoins": He pointed out that stablecoins are not true currencies, but rather intermediary tools for payment and settlement driven by technology, which will form a new interconnected model with fiat currencies; he emphasized that sovereign currencies are irreplaceable, and stablecoins cannot bypass foreign exchange and the state's right to issue currency; he believes that technological innovation should not challenge national currency sovereignty, but should evolve in coordination with central bank digital currencies and private payment systems; he suggested promoting the internationalization of the Renminbi, improving both internally and externally, exploring the development paths of onshore and offshore Renminbi stablecoins, and establishing a mechanism for integration with digital Renminbi and the central bank's custody system, guiding stablecoins and fiat currencies to jointly construct the future payment landscape.