PANews reported on July 19 that according to Caixin, Guan Tao, global chief economist of Bank of China Securities, said at a recent online seminar at the China Macroeconomic Forum (CMF) that the US dollar stablecoin is not the legal currency of the United States, lacks the protection of sovereign credit, and can adopt a "wait-and-see" attitude towards stablecoins. Guan Tao believes that China actually already has formal "stablecoin-like" assets. For example, the Hong Kong dollar is issued by three local banknote issuers according to the rule of the 1 US dollar:7.8 Hong Kong dollar system, but unlike many stablecoins, even the Hong Kong dollar issued by different note-issuing houses is interoperable and undifferentiated. In addition, the customer funds of third-party payments such as WeChat and Alipay are fully entrusted to the People's Bank of China, which is also similar to the issuance of 1:1 stablecoins, and in reality, RMB is still used for payment and settlement.

Guan Tao further pointed out that as fiat-linked stablecoins are increasingly regarded as "fiat currencies" and included in regulation, their original advantages will actually be weakened. If stablecoins are regarded as real money, then currency, as a general equivalent, will inevitably move towards oligopoly, and most stablecoin issuers will find it difficult to survive or make money.