According to CoinDesk, Darrell Duffie, a professor of finance at Stanford University, said he was interested in stablecoins because of the poor quality and high cost of current payment systems, especially in the United States. Regarding the biggest incident of stablecoin in the past year, he believed that it was the exposure of Tether's serious problems, Libra's initial proposal and the Fed's decision to promote FedNow, which is another way to meet the needs of improving the payment system. He said that he has met some Libra people on several occasions. He has not cooperated with any company in the payment field, just watching and learning. If Libra adheres to the rules, it can improve payment efficiency and reduce payment costs. This will be a positive development. Payments will be faster and cheaper. But obeying the rules is not easy, and as far as regulators are concerned, they have put themselves in trouble. He said that the main impact of cryptocurrencies on the banking and financial sector so far has been to raise awareness of gaps and opportunities perceived in the payment system, as well as some research and development efforts, such as JPM Coin. But he does not expect stablecoins with private institutions to prevail. In response to a former CFTC official's call for a digital currency version of the dollar, he said the idea could work well in principle. But he has no confidence in whether the Fed will cooperate. Some banks may respond to this. In addition, achieving network scale effects is not easy. He also said that China seemed to be the first country to deploy a CBDC among the major powers.