The 2019 China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting will be held in Beijing on the 21st. Chen Yulu, deputy governor of the People's Bank of China, said at the meeting that the potential user base of stablecoins is huge and may have systemic importance in individual jurisdictions, replacing the current currency nationwide and even globally. The stable currency poses a greater threat to the weaker currencies. After the impact of monetary sovereignty, the most direct impact on a country is the decrease in the effectiveness of monetary and fiscal policies. From the perspective of monetary policy, on the one hand, stablecoin may weaken the bank's ability to create credit and reduce the effectiveness of monetary policy. On the other hand, stablecoins may also reduce the stability of money demand and make it more difficult to formulate monetary policies.