Zhou Xiaochuan: The central bank is concerned about the excessive issuance of stablecoins and the emergence of high leverage amplification Odaily Planet Daily News Zhou Xiaochuan, former governor of the People's Bank of China, wrote the article "Multi dimensional review of stable currency", which pointed out that the central bank has at least two concerns about stable currency at present. One is "excessive issuance of currency", which refers to the issuance of stablecoins by issuers without a real 100% reserve, that is, over issuance; The second is the occurrence of high leverage amplification, which means that the operation after issuance will generate multiplier amplification effects derived from currency. As of now, the centrally managed account system still demonstrates good applicability. The argument for replacing account based payment systems with comprehensive tokenization is insufficient. Under the improved current institutional framework, whether it is the Genius Act in the United States, relevant regulations in Hong Kong, or regulatory provisions in Singapore, these issues have not yet been addressed with peace of mind. Although many people believe that stablecoins will reshape the payment system, objectively speaking, there is not much room for cost reduction in the current payment system, especially in the retail payment field. From the current micro level behavior, we need to be vigilant about the risk of stablecoins being excessively used for asset speculation, as a deviation in direction may lead to fraud and instability in the financial system. The issuance of stablecoins by stablecoin issuers who have obtained relevant licenses and paid reserve funds does not necessarily mean the issuance of stablecoins. If there is a lack of sufficient demand scenarios, stablecoins may not be able to enter effective circulation, that is, they may have obtained issuance licenses but cannot be issued. Whether stablecoins are used as temporary payment media at trading moments or as value preservation tools for a certain period of time will affect the market retention of stablecoins after issuance.