Zou Chuanwei, chief economist of Wanxiang Blockchain, published today the "Balance of Finance and Technology: FMI, Science and Technology Innovation and Policy Response III". The article mentioned that once the stablecoin faces large-scale centralized redemption, its reserve assets may not have sufficient liquid assets to meet the redemption demand, and the stablecoin does not enjoy the support of the central bank's last lender. In extreme cases, reserve assets may appear "Sell on the fly", run on stablecoins, etc., thus affecting financial stability. Therefore, it is necessary to study the impact of stable currency on monetary policy and the transmission mechanism of monetary policy, and the reserve assets of stable currency need to be accurately measured, calculated, and established custody and management rules. Zou Chuanwei finally stated that the global stablecoin will have a substitute effect on weak currencies, non-convertible currencies and currencies of developing countries, and will magnify the spillover effect of the monetary policy of strong currencies.