币界网报道：【Li Yang: Stablecoins have significantly different theoretical foundations and operating characteristics from traditional currencies, and will pose new challenges to the traditional monetary and financial system. 】Coin World reported that on June 21, at the 2025 Mid-term Forum (Total 69th) of the China Macroeconomic Forum (CMF) of Renmin University of China, Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, delivered a speech entitled "The Continuously Enriched Chinese Monetary Policy Toolbox". Li Yang said that from three aspects, the current environment for formulating and implementing monetary policies is becoming increasingly complex. First, domestic effective demand is insufficient, prices are sluggish, and expectations are weak. There is still pressure in promoting economic growth, advancing scientific and technological progress, and improving income distribution. Secondly, the "great changes unseen in a century" in the world are accelerating, the process of globalization has stagnated, geopolitical tensions have emerged, and the world pattern has entered a fragmented, multipolar and bilateralized world, whether it is international economy, international trade or international finance. Furthermore, the legislative procedures for stablecoins in Europe, the United States, and Hong Kong have made the challenges posed by digital technology to the current monetary, financial, monetary and financial policies and even monetary and financial theories explicit. Li Yang specifically pointed out that although there are many types of virtual currencies, only stablecoins have entered the legislative process, which needs to be taken seriously. Stablecoins have significantly different theoretical foundations and operating characteristics from traditional currencies, and will pose new challenges to the traditional monetary and financial system.