Former Bank of China Governor: Stablecoins have the role of innovative financial convenience, but they also have systemic financial risks

Comparing news, Li Lihui, the former governor of the Bank of China, said at the 2025 International Monetary Forum that stablecoins have the role of innovating financial convenience, but there are also systemic financial risks.

He said that the US hopes to bundle stablecoins with the US dollar to maintain global monetary and financial hegemony. If the US fails to improve its double deficit, or affect its currency stability. Furthermore, he pointed out that when conditions are met, Hong Kong stablecoins can ease domestic access and help internationalize the RMB.

He also emphasized the need to follow developments in the decentralized finance market represented by the US and enhance China's position in the global monetary and financial system.