PANews reported on May 26th that an article in The Wall Street Journal stated that although the GENIUS and CLARITY Acts are pushing for the compliance of stablecoins, their essence remains "private currency," potentially posing structural risks to the financial system. The article points out that stablecoins operate on fragmented, private infrastructure, lacking the uniformity of the traditional dollar system. While USDT and USDC are pegged to the US dollar, their prices can still deviate from $1. Stablecoin issuers have an incentive to increase returns by allocating high-risk, low-liquidity assets; a decline in asset value could trigger de-pegging and concentrated redemptions. The article cites Chainalysis data showing that stablecoins account for 84% of illicit crypto activities, primarily involving sanctions circumvention and money laundering, while their share of real-world economic payments is less than 1%. The Wall Street Journal believes that stablecoins are repeating the private currency experiment path of the 19th-century American "free banking era," and may need to be subject to stricter regulation like banks and more deeply integrated into the central bank system in the future.