周小川：警惕美元稳定币的出现可能推动美元化现象

Core Viewpoint - The future development of stablecoins must consider the pros and cons of dollarization, as highlighted by Zhou Xiaochuan, former governor of the People's Bank of China, during the 2025 Lujiazui Forum [1][2]. Group 1: Stablecoins and Dollarization - The emergence of various dollar stablecoins in the market indicates a trend, while other regions are also considering developing local currency-based stablecoins [1]. - Dollar stablecoins are likely to have a more significant global impact due to the strong support of the dollar system behind them [1]. - The primary functions of dollar stablecoins may include improving transaction and remittance efficiency and stimulating purchases of other assets, including digital and crypto assets [1]. - However, there is a cautionary note regarding the potential for dollarization to increase, particularly in Central America and some transitioning economies, where varying degrees of dollarization already exist [1][2]. Group 2: Economic Implications of Dollarization - Dollarization is a contentious topic, as it may lead to various adverse effects on economies [1]. - It is essential to study the potential impacts of dollarization on different countries, especially those not currently facing high inflation or debt crises, to determine if dollarization is suitable for them [2]. - In many cases, dollarization may not be the best choice and could introduce numerous problems [2].