PANews reported on June 28 that the 21st Century Business Herald "demystified" stablecoins from four dimensions, and the analysis pointed out that stablecoins are the shadow of legal currency, not a monetary revolution. Zou Chuanwei, chief economist of Wanxiang Blockchain, pointed out that the mainstream model of stablecoins did not create new currencies, but simply tokenized bank deposits and invested reserve assets in low-risk assets such as US bonds. The essence is the "blockchain translation" of the existing monetary system. Zhao Binghao, dean of the Financial Technology and Law Research Institute of China University of Political Science and Law, said that the stability of stablecoins depends on the reserve assets of the issuer. In extreme market environments, the value of stablecoins may even return to zero, and the collapse of UST is a typical example. Secondly, stablecoins are not a currency that transcends sovereignty; third, the digestion effect of stablecoins on US bonds is relatively limited; fourth, the hedging function and investment attributes of stablecoins have not been fully verified.