[Former Vice President of Bank of China Wang Yongli: Stablecoin Legislation Could Severely Backfire on Stablecoins] Former Vice President of Bank of China Wang Yongli stated in an article that stablecoins are not an indispensable or irreplaceable factor for the operation of the on-chain crypto world. Stablecoin legislation will inevitably drive the legislation of the entire crypto asset sector, which will profoundly impact the structure of the crypto market and could even severely backfire on stablecoins. China should adopt a clearer understanding and more forward-thinking measures. The focus for China should not be on developing a RMB stablecoin (as the space is already quite limited), but rather on achieving a leapfrog advantage by accelerating comprehensive crypto asset legislation, encouraging banks and other financial institutions to expedite on-chain integration, actively promoting the development of RWA, attracting crypto exchanges to register domestically or in Hong Kong, and accelerating the on-chain operation of the RMB.