[Central Bank Governor: Stablecoins amplify global financial regulatory loopholes and impact the monetary sovereignty of underdeveloped economies] Pan Gongsheng, Governor of the People's Bank of China, stated today at the 2025 Financial Street Forum Annual Conference that 10 days ago, during the IMF/World Bank Annual Meetings held in Washington, stablecoins and their potential financial risks became one of the most discussed topics among finance ministers and central bank governors. The prevailing view is that stablecoins, as a financial activity, currently fail to effectively meet basic requirements such as customer identity verification and anti-money laundering. This amplifies global financial regulatory loopholes, including money laundering, illegal cross-border fund transfers, and terrorist financing. The speculative atmosphere in the market is intense, increasing the fragility of the global financial system and impacting the monetary sovereignty of some underdeveloped economies.