Recently, the global stablecoin market has been rapidly developing. Xie Fengying, the director of the Central Bank's Business Bureau, stated that stablecoins used for payment should be subject to the same regulatory standards as current electronic payments.

Xie explained that the existing monetary system comprises four types: public sector reserves as wholesale money, with cash as retail; in the private sector, there are bank deposits and electronic payments. As times change, future digital currencies will also have four types. Currently, once reserves are tokenized, they will become wholesale CBDCs (Central Bank Digital Currencies). Cash, once tokenized, will turn into retail CBDCs, belonging to the public sector. Meanwhile, bank deposits will become deposit tokens, and electronic payment tokens issued by non-bank systems are referred to as stablecoins, which fall under the private sector.

Xie emphasized that stablecoins linked to a single fiat currency typically have a one-to-one exchange relationship with the fiat currency and are backed by high-quality, highly liquid financial assets, such as bonds or deposits, indicating that they should be regulated like electronic payment tokens.