PANews reported on July 20 that according to the Financial Times, US President Trump signed the Stablecoin Regulatory Act on the 18th. This is the first stablecoin legislation in the United States at the federal level. However, the development of stablecoins has hidden risks and how it will reshape the financial ecosystem. The cross-border flow of funds in stablecoins is anonymous, making it difficult for regulators to effectively track the flow of funds and accurately count the scale of funds. This provides opportunities for illegal financial activities such as money laundering, greatly increasing the difficulty of supervision. In countries and regions with weak financial systems, the widespread use of stablecoins will inevitably have a strong impact on the local financial system. Once a stablecoin crisis occurs, it is very easy to trigger a chain of market confidence crises, which in turn leads to the outbreak of bank runs.