{"content":"Former PBoC Governor warns of risks from stablecoins According to Bloomberg, Zhou Xiaochuan, former Governor of the People’s Bank of China, warned during a closed-door meeting in mid-July that stablecoins could fuel speculation and undermine financial stability. He noted that stablecoins offer limited cost advantages compared to China’s existing retail payment systems and suggested that claims about the “extremely high” costs of traditional cross-border payments may be exaggerated. Zhou also pointed out that regulatory frameworks in the U.S., Hong Kong, and Singapore have yet to fully ensure that stablecoins are “fully backed by liquid assets,” emphasizing the need to remain vigilant against excessive use of stablecoins in speculative asset trading, which could lead to fraud and systemic risks.","images":[],"tags":[],"tradingPairs":[],"quotearticleid":0}