On May 31, LongHash issued a statement saying that whether it is supported by the US dollar in the bank account or the cryptocurrency in the smart contract, the stable currency must have a centralized attribute, which makes it very different from what Bitcoin provides. Stabilizing coins supported by real-world assets have two main risks: fraud and regulatory pressure. While regulators currently allow these stable currencies to operate without having to enforce KYC and anti-money laundering regulations on the identity behind each transaction, we are not sure how long this regulatory environment can last. In the short term, Bitcoin may be highly volatile, but it does not have the risk of a collapse that may be with tokens supported by real-world assets hosted in a centralized organization, nor is it a stable currency pledged with cryptocurrency. There is a possibility that the incentive design is improper. Bitcoin is much less likely to be subject to regulatory constraints because there is no central point of failure that regulators can cut into. While Bitcoin has created a new example of bearer digital assets, Stabilizing coins still face the risks of traditional banking and online payment systems.