6.24 AI Daily Report Global turmoil triggers financial震荡, countries accelerate digital financial布局

1. Headlines

1. The military conflict between Israel and Iran escalates, and global markets are in turmoil.

The military conflict between Israel and Iran in the Middle East continues to escalate, with both sides launching missiles and drone attacks on each other's military facilities. Israel claims to have destroyed several Iranian nuclear facilities, while Iran vows to retaliate fiercely. U.S. President Trump has stated that to prevent the situation from worsening, he has ordered limited strikes against Iran.

The recent conflict erupted against the backdrop of ongoing geopolitical tensions in the Middle East. Analysts point out that as a major global oil supply region, any further escalation in the situation that affects oil supply will exert tremendous pressure on global energy prices and inflation. As a result, international oil prices have risen sharply, with Brent crude futures prices surpassing $130 per barrel.

The financial markets have also been impacted as a result. Major stock indices have plummeted, while the prices of safe-haven assets like the US dollar index and gold have risen. The cryptocurrency market has likewise been severely affected, with Bitcoin briefly dropping below the $100,000 mark. Analysts warn that if the conflict continues to escalate and affects global supply chains, it will severely impact the global economic recovery.

2. The Federal Reserve sends hawkish signals, and rising interest rate expectations trigger market fluctuations.

The Federal Reserve Board of the United States ( The Federal Reserve ) Several officials have recently made hawkish remarks, suggesting that interest rates will be raised in July to curb inflation. Fed Governor Bowman stated that she would support a rate cut at the next meeting if inflation pressures remain controlled. Additionally, senior Fed official Goolsbee also indicated that if trade policy impacts disappear, the Fed should continue raising rates.

Analysts point out that the warming expectations of the Federal Reserve's interest rate hikes will have an impact on global financial markets. On one hand, interest rate hikes will increase borrowing costs, suppress corporate profits and consumer spending; on the other hand, a stronger dollar will also intensify the outflow pressure of funds from emerging market countries.

As a result, the three major U.S. stock indices fell sharply at the close on Friday. At the same time, the dollar index also surged, while the prices of safe-haven assets like gold and Bitcoin dropped in response. Analysts warn that if the Federal Reserve insists on increasing interest rates, it will further exacerbate the risk of a global economic slowdown.

3. The Hong Kong "Stablecoin Regulation" will come into effect in August, injecting new momentum into the industry's development.

The Hong Kong Special Administrative Region Government gazette published an announcement that the "Stablecoin Ordinance" will officially take effect on August 1, 2025. This ordinance provides a clear regulatory framework for the issuance and use of fiat-backed stablecoins in Hong Kong, marking a crucial turning point in the regulation of stablecoins in Hong Kong.

The "Stablecoin Regulation" is based on international standards, setting a high threshold for the licensing system, emphasizing "substantive application scenarios" and "business sustainability." Analysts believe this will help filter out compliant and capable issuers, avoiding risks triggered by an overheated market.

Industry insiders generally believe that the introduction of the "Stablecoin Regulation" will inject new momentum into the development of the stablecoin industry in Hong Kong. Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, stated that the regulation provides a comprehensive regulatory framework for issuers, ensuring that the same risks have the same regulatory rules, which is conducive to the healthy and sustainable development of the industry.

Analysts point out that, under the trend of accelerated integration between the digital economy and the real economy, stablecoins will become an important link connecting the two. As an international financial center, developing a compliant stablecoin industry will help to consolidate Hong Kong's position as a financial hub.

4. Ripple co-founder tweets mysteriously, sparking speculation from the outside world.

Arthur Britto, co-founder of Ripple, posted on social media X( for the first time in 14 years, sparking widespread speculation. He only posted a "speechless face" emoji that day, with no further explanation.

Ripple's Chief Technology Officer David Schwartz later confirmed that Britto's account had not been attacked or compromised, and he himself does not wish to become a public figure. Analysts believe that Britto's actions may be related to Ripple's future development plans.

Some analyses suggest that Ripple may be planning to conduct its initial public offering ) IPO ( in the future to promote the development of the XRP token. According to lawyers' predictions, Ripple's valuation could reach as high as 100 billion dollars. Another view suggests that Britto's mysterious tweet may be related to Ripple's latest developments in its legal proceedings.

Regardless, Britto's "comeback" on social media has sparked widespread attention in the cryptocurrency community. Analysts say that Ripple, as an important player in the cryptocurrency industry, deserves ongoing attention regarding its future development trends.

) 5. The AI investment boom continues to heat up, with financing exceeding last year's total in the first half of 2025.

In the first half of 2025, the global investment boom in artificial intelligence ### AI ( startups continues to heat up. Data shows that in the first quarter of 2025 alone, AI companies attracted about $60 billion to $73 billion in venture capital, surpassing half of the total amount for the entire year of 2024, and representing a year-on-year growth of over 100%.

Analysts pointed out that in the first quarter, the venture capital obtained by AI companies accounted for about 58% of the total, while a year ago this proportion was about 28%. This clearly indicates investors' "panic" buying in the AI sector.

Capital is concentrating on the AI field at an unprecedented scale, with major institutions increasing their bets on companies and technologies believed to be able to achieve breakthroughs in AI. Analysts believe that the continued warming of this investment frenzy will further promote the rapid development and industrial application of AI technology.

At the same time, some analysts have warned about the risks of the current AI investment bubble. They believe that excessive hype may lead to an over-concentration of funds in a few popular companies, while neglecting the investment needs of other links in the AI industry chain, thereby restricting the healthy development of the entire AI ecosystem.

2. Industry News

) 1. The conflict between Iran and Israel has triggered geopolitical risks, leading to a short-term surge in the cryptocurrency market.

After experiencing a week of decline, Bitcoin suddenly surged over 8% on June 24, briefly breaking through $106,000. Ethereum also rebounded, rising back above $2,400. This market movement was primarily influenced by the escalating geopolitical situation in the Middle East.

On the 24th, Iran and Israel experienced a missile attack, escalating tensions between the two sides. The geopolitical risks have increased, triggering market risk aversion and leading to a surge of funds into cryptocurrencies and other risk assets. Analysts point out that cryptocurrencies, compared to traditional safe-haven assets like gold, have higher liquidity and portability, making them more favored during times of crisis.

However, with both parties announcing a ceasefire, geopolitical risks have temporarily eased, and the upward momentum in the crypto market has also slowed down. Investors need to closely monitor the situation and manage risks effectively. If the conflict escalates again, the crypto market may experience significant volatility.

2. The Federal Reserve releases dovish signals, enhancing the rebound momentum in the crypto market.

Apart from geopolitical factors, the dovish remarks from Federal Reserve officials have also injected momentum into the rebound of the crypto market. Fed Governor Bowman stated that if inflationary pressures do not intensify, the likelihood of a rate cut in July will increase.

Powell will testify before Congress this week, and the market expects he may release similar signals. If the Federal Reserve really cuts interest rates in July, it will ease liquidity pressures in the crypto market and provide support for a rebound.

However, some analysts are cautious about the Federal Reserve's dovish shift. They believe that the inflation situation is severe, and it will be difficult for the Federal Reserve to turn dovish in the short term. If Powell's speech leans towards a hawkish stance, the crypto market may face downward pressure.

3. Institutional funds continue to flow in, long-term prospects are good.

Despite the significant fluctuations in short-term market conditions influenced by multiple factors, the continuous inflow of institutional funds indicates that the long-term outlook for the cryptocurrency market remains positive.

Data shows that in the past 24 hours, investors purchased over $274 million worth of Ethereum. Fidelity also added $166 million worth of Bitcoin and Ethereum to its cryptocurrency treasury.

The continuous investment by institutional investors reflects their confidence in the long-term value of cryptocurrencies. As regulations become clearer, cryptocurrencies are expected to gain broader recognition and adoption. At that time, institutional funds may further increase, injecting new momentum into the market.

3. Project News

1. The Endless Protocol Leads Climate Technology Dialogue and Promotes the AI Green Technology Revolution

A seminar focusing on sustainable development issues, titled "Green AI: Can Emerging Technologies Save the Earth?", was successfully held at the University of Surrey in the UK, co-hosted by the Endless Protocol and its decentralized social platform Luffa. Endless We, as a leading We infrastructure, collaborates with Luffa built on top of it to explore the future of sustainable technology.

The event specially invited Satya S. Tripathi, former Assistant Secretary-General of the United Nations and current Secretary-General of the Global Alliance for Sustainable Development (GASP), to give a keynote speech, sparking a lively discussion on the role, opportunities, and challenges of next-generation technologies in promoting climate action.

The Endless Protocol, as a decentralized Web infrastructure, aims to promote sustainable development through AI and blockchain technology. The protocol utilizes AI algorithms to optimize energy usage and ensures transparency and traceability through blockchain. This event showcases Endless's leadership in driving green technology innovation.

Insiders have given high praise to the innovative concept of the Endless protocol. Analysts believe that this protocol will provide new solutions for sustainable development and is expected to drive the entire industry towards a more environmentally friendly and responsible direction. At the same time, some experts have pointed out several potential risks and challenges that deserve attention.

Overall, the Endless Protocol has further solidified its influence in the climate technology field through this event, contributing new ideas to promote the green AI technology revolution.

2. Musk's XAI to retrain Grok Experts criticize: Deliberately distorting history

Elon Musk ### expressed on Twitter ( X ) on 6/22 that he is dissatisfied with the output of his AI model Grok, which produces "erroneous content". Therefore, he plans to have Grok rewrite the human knowledge base by itself and then use this set of data to retrain Grok. The news immediately sparked criticism from the outside world.

Grok 3.5 Rewrites the Human Knowledge Base Elon Musk first revealed that his AI company xAI will make significant adjustments to Grok. He pointed out: "We will use Grok 3.5, which has advanced reasoning capabilities, to rewrite the entire human knowledge base, fill in the missing information, and delete erroneous content. We will then use this data to retrain the model."

He believes that all AI models currently on the market rely too heavily on unverified training data and are filled with too much content.

Experts have continuously criticized. Elon Musk's statement immediately sparked a strong backlash from industry experts. Fei-Fei Li, director of the Stanford Artificial Intelligence Laboratory, bluntly stated that this approach is "very dangerous" and will deliberately distort history. She is concerned that Grok, in rewriting the knowledge base, may introduce biases and erroneous viewpoints.

In addition, experts have pointed out that the amount of work required to rewrite the knowledge base will be a daunting task, requiring significant manpower and time, and the effectiveness is difficult to guarantee.

Overall, Musk's proposal has sparked widespread controversy in the industry. While he attempts to improve the accuracy of AI models in this way, he also faces numerous doubts and challenges. This incident once again highlights the importance of seeking a balance between accuracy and fairness in the development of AI technology.

( 3. Ethereum developers proposed to reduce the block interval time to 6 seconds.

According to Cointelegraph, Ethereum core developer Barnabé Monnot recently discussed the EIP-7782 improvement proposal, which aims to reduce the block generation time from 12 seconds to 6 seconds. This plan is intended to be included in the Glamsterdam upgrade at the end of 2026.

The technical adjustments include compressing the block proposal time from 4 seconds to 3 seconds, reducing the verification time from 4 seconds to 1.5 seconds, saving a total of 6 seconds of latency. Analysis indicates that with the speedup, DeFi transaction confirmations will be more efficient, and the window for arbitrage opportunities will shorten, but it may put pressure on network bandwidth and low-configuration verification nodes.

Ethereum is currently the largest blockchain platform in the world, supporting a large number of decentralized applications. As the ecosystem continues to expand, network congestion and high Gas fees have always been pain points for users. This proposal aims to improve block generation efficiency and alleviate network pressure.

If successfully implemented, the Ethereum Gas limit is expected to increase by 3 times, and the blob supply may reach 8 times the current amount. Currently, the proposal is in the early discussion stage and needs to undergo rigorous testing to avoid smart contract compatibility issues.

Industry insiders welcome this, believing that increasing block generation speed will significantly enhance Ethereum's throughput and scalability, benefiting the development of applications such as DeFi. However, some analysts are concerned that this may exacerbate centralization trends and have a certain impact on the decentralization of the network.

Overall, this proposal for Ethereum aims to further optimize network performance and lay a foundation for future development. However, during the execution process, it is still necessary to weigh the interests of all parties and ensure the security and decentralized characteristics of the network.

) 4. The crypto market sentiment has returned to "greed". Today's fear and greed index is 65.

According to Alternative data, today's cryptocurrency Fear and Greed Index is 65###, up from 47### yesterday, with market sentiment returning to "Greed."

Note: The fear index threshold is 0-100, including indicators: volatility (25%), market volume (25%), social media popularity (15%), Market research (15%), Bitcoin's share of the total market (10%), Google Hot Words Analysis (10%).

The Fear and Greed Index is widely used to measure the emotional state of the cryptocurrency market. When the index approaches 0, it represents extreme fear; when it approaches 100, it represents excessive greed. It is generally believed that below 20 indicates extreme fear, while above 80 indicates extreme greed.

The index has returned to the "greed" zone, reflecting a rebound in investors' optimistic sentiment towards the cryptocurrency market. This may be related to the recent rise in prices of major cryptocurrencies such as Bitcoin.

Analysts point out that the current market sentiment may indicate a wave of new upward trends. However, some experts remind that excessive greed often leads investors to chase higher prices, thereby increasing potential risks.

Overall, the changes in the Fear and Greed Index reflect the cyclical fluctuations of sentiment in the cryptocurrency market. Investors need to remain rational, avoiding blind selling in times of panic and blind chasing in times of greed, and instead should carefully grasp the market rhythm.

( 5. Israeli military: Iran recently launched missiles at Israel.

According to the Israeli military, Iran recently launched missiles at Israel. This incident has escalated tensions in the Middle East and has also caused some impact on global financial markets.

A spokesman for the Israeli military stated that they successfully intercepted and destroyed missiles launched by Iran, with no casualties reported. However, this incident is seen as a direct military provocation from Iran towards Israel.

Against the backdrop of the continued deterioration of relations between both parties, this missile attack is undoubtedly adding fuel to the fire. Analysts point out that if the situation continues to escalate, the Middle East may fall into a larger-scale military conflict.

The financial markets reacted strongly to this. Due to the rising geopolitical risks, international oil prices surged sharply in the short term, and the demand for safe-haven assets such as gold and Bitcoin increased significantly. Meanwhile, risk assets such as the stock market and the cryptocurrency market experienced a noticeable decline.

Investors remain highly focused on the further developments in the Middle East situation. Some analysts believe that if the conflict is brought under control, the market may soon return to calm. However, if the situation continues to deteriorate, global financial markets will face greater downward pressure.

Overall, the changes in the Middle East situation have had a certain impact on global markets. Investors need to carefully assess risks, closely monitor developments, and be prepared to respond to various possible scenarios.

) 6. The Federal Reserve removes the "reputational risk" factor from bank regulatory examinations.

The Federal Reserve Board of the United States ### announced that it will no longer consider "reputational risk" as part of the bank regulatory examination items.

The Federal Reserve has begun reviewing and removing references to "reputation" and "reputational risk" in regulatory materials, including inspection manuals, and replacing these with more specific discussions of financial risks where appropriate. The Board will train examiners to ensure this change is consistently implemented across all banks regulated by the Board and will collaborate with other federal banking regulators as needed to promote consistency in regulatory practices.

This move aims to make bank regulation more focused on financial risk rather than being overly concerned with reputation issues. Analysts believe that this change is beneficial for the development of the banking industry, avoiding innovation barriers caused by excessive prudence.

However, some experts have expressed concerns, believing that reputational risk is equally crucial to the operation and development of banks and should not be completely ignored. How to seek a balance between financial risk and reputational risk still requires further exploration by regulatory authorities.

Overall, the Federal Reserve's move aims to optimize the regulatory framework, making it more precise and effective. However, during the execution process, it is still necessary to weigh the interests of all parties to ensure the rationality and effectiveness of the regulatory policies.

4. Economic Dynamics

1. Federal Reserve officials' disagreements intensify, and the outlook for interest rate cuts is uncertain.

(# Economic Background The U.S. economy has faced the dual challenges of inflationary pressures and slowing growth over the past year. The latest data shows that the Consumer Price Index in May rose by 4% year-on-year, slightly lower than April's 4.9%, but still well above the Federal Reserve's target level of 2%. The job market remains robust, with a May unemployment rate of 3.7%. The annualized quarter-on-quarter GDP for the U.S. in the first quarter fell by 1.5%, indicating a slowdown in economic growth momentum.

)# Important Events Federal Reserve Chairman Powell will testify before Congress on June 21 and 22, delivering remarks on the monetary policy outlook. Previously, Fed governors Waller and Bowman expressed support for a rate cut as early as July, differing from Powell's hawkish stance. Powell's upcoming testimony may face bipartisan pressure, with Republicans following Trump's call for immediate easing of monetary policy, while Democrats are advocating for a rate cut.

Market Reaction

Investors are concerned about the intensification of divisions within the Federal Reserve, which could affect the coherence and effectiveness of monetary policy. The three major U.S. stock indexes closed slightly lower on the 24th, and investors are digesting divergent comments from Federal Reserve officials. Bond market expectations for a rate cut have risen, with the probability of a 25bp cut in July rising to 20.7%.

Expert Opinion

Jan Hatzius, chief economist at Goldman Sachs, said the level of disagreement within the Fed is at a 10-year high, reflecting a fundamental disagreement among officials on how to balance inflation control with economic growth. He believes that if inflationary pressures continue to decline, the Fed could begin a rate-cutting cycle later this year.

( 2. The easing of tensions in the Middle East boosts risk assets

)# Economic Background The pace of the global economic recovery has slowed, and geopolitical tensions have exacerbated the market's risk aversion. Volatility in energy prices has increased inflationary pressures, and major economies are struggling to strike a balance between growth and inflation. Investors' concerns about the global economic outlook have intensified, and risk assets have come under pressure.

Important Events

Iran and Israel announced a formal ceasefire on the 24th, easing the tensions in the Middle East. Previously, Iran launched retaliatory strikes against the U.S. military base stationed in Qatar, raising market concerns about the escalation of conflict. President Trump subsequently announced that both sides had reached a ceasefire agreement.

Market Reaction

The news of the easing of the situation in the Middle East boosted global risk assets, and the three major U.S. stock indexes closed up nearly 1% on the 24th, led by technology stocks. Crude oil futures fell sharply, with Brent and WTI down 4.6% and 6%, respectively. Cryptocurrencies such as Bitcoin also rebounded, with Bitcoin topping $106,000 at one point.

Expert Opinion

Jim Reid, macro strategist at Deutsche Bank, said that geopolitical risks have eased for the time being, but the global economy still faces many uncertainties, such as inflationary pressures, monetary policy outlook, debt levels, etc. Investors need to remain cautious and keep a close eye on further developments in the situation.

3. Texas passes a bill supporting Bitcoin as a reserve asset

Economic Background

Cryptocurrencies like Bitcoin have gained increasing recognition and adoption over the past few years. However, their high volatility and lack of regulation have raised questions about their status as reserve assets. Governments and regulatory bodies around the world are exploring ways to regulate the cryptocurrency market.

Important Event

Texas has allocated $10 million for Bitcoin reserves, becoming the first state in the U.S. to recognize Bitcoin as a viable financial asset. A new law protects this investment from budget cuts, encouraging other states to consider including cryptocurrencies in their reserve assets.

Market Reaction

The price of Bitcoin rose slightly after the news was announced, and the market welcomed this move. Cryptocurrency investors believe that this marks an increase in institutional investors' recognition of Bitcoin, which is expected to further drive its mainstream adoption. However, there are also concerns about its volatility and regulatory outlook.

Expert Opinion

John Griffin, a finance professor at the University of Texas, stated that Texas's initiative is an interesting experiment, but Bitcoin still faces many challenges as a reserve asset, such as price volatility and regulatory uncertainty. He believes that Bitcoin is more like a speculative asset rather than a reliable store of value.

5. Regulation & Policy

1. The Federal Reserve will no longer include "reputational risk" in bank regulatory examinations.

The Federal Reserve announced that it will no longer include "reputational risk" as part of its bank regulatory examination projects. This move is seen as a response to the long-standing criticism from the financial industry regarding the subjectivity of this metric.

The Federal Reserve has begun reviewing and removing references to "reputation" and "reputational risk" in regulatory materials, substituting them with more specific discussions of financial risks where appropriate. The Board will train examiners to ensure that this change is consistently implemented across all banks supervised by the Board.

This change does not alter the Council's expectations for the bank to maintain strong risk management to ensure safety and compliance with laws and regulations, nor does it affect the Council's oversight of whether and how the bank uses the concept of "reputational risk" in its own risk management practices.

Industry insiders generally believe that this move will help improve regulatory transparency and consistency. Rob Nichols, president of the American Bankers Association, stated that the concept of "reputation risk" is too subjective and ambiguous, making it difficult to quantify and assess, and therefore should not be considered a formal factor in regulation.

2. The U.S. Senate passes the GENIUS stablecoin bill, establishing standards for stablecoin issuance.

The U.S. Senate recently passed the "American Stablecoin Innovation and Establishment Act" ###GENIUS Act###, which is an important step for the U.S. in the regulation of stablecoins.

The bill establishes specific standards for stablecoin issuers, including reserve requirements, audit, and disclosure obligations. Issuers must hold high-quality liquid assets as reserves and undergo regular audits and public disclosure of reserve composition. Additionally, the bill outlines the scope of stablecoin use and the responsibilities of regulatory authorities.

Regulators will be responsible for reviewing whether stablecoin issuers meet relevant standards and taking enforcement action against violations. The purpose of the bill is to establish a unified regulatory framework for the development of stablecoins, enhance investor confidence, and prevent systemic risks.

Circle and major stablecoin issuers such as Paxos welcomed this. Circle CEO Jeremy Allaire believes that the bill lays a solid foundation for the development of stablecoins. However, he also pointed out that Circle's USDC reserve composition has not yet fully met the requirements of the bill and needs further adjustments.

Experts generally believe that the bill marks a new phase in the regulation of cryptocurrency in the United States. Wall Street analyst James Frey believes that "the GENIUS Act sets clear rules for the development of stablecoins, which will help attract more institutional investors to participate in the digital asset market."

3. The Hong Kong Monetary Authority will implement the "Stablecoin Regulation" in August 2025.

The Hong Kong Monetary Authority will implement the "Stablecoin Ordinance" in August 2025, aiming to promote the development of digital finance and attract institutional investors.

The regulation is based on international standards and sets a high threshold for the licensing system, emphasizing "substantial application scenarios" and "business sustainability." License applicants must demonstrate that their stablecoins have real application scenarios and possess the ability to operate sustainably.

The regulations stipulate that stablecoin issuers must hold high-quality liquid assets as reserves and are subject to independent audits and public disclosure of reserve composition. In addition, issuers must also comply with relevant regulations on anti-money laundering and combating the financing of terrorism.

The Hong Kong Monetary Authority stated that the regulation aims to filter out compliant and capable issuers to avoid overheating the market and triggering risks. Currently, 10 trading platform licenses have been issued, and another 8 are under review.

Chan Siu-yan, Chairman of the Hong Kong Fintech Association, believes that the regulatory framework will enhance investor confidence and facilitate innovation in stable and decentralized financial markets. "The regulations set a high threshold to ensure that only truly sustainable projects can be licensed, which will benefit the industry in the long run," he added.

However, some industry insiders are concerned that overly strict regulations may stifle innovation. Huang Keqiang, CEO of the Hong Kong Science and Technology Parks Corporation, stated that regulation should balance risk and innovation, allowing some space for startups.

4. The Deputy Governor of the Bank of Korea calls for a gradual introduction of stablecoins.

The senior deputy governor of the Bank of Korea, Ryu Sang-don, stated that the introduction of a won-denominated stablecoin should be gradual, starting with the issuance of won stablecoins by the most heavily regulated commercial banks, and once they have experience, it can gradually be opened up to non-bank institutions.

Liu Xiangdun emphasized at the press conference that the introduction of stablecoins may have a significant impact on monetary policy and payment settlement systems, and therefore should be cautiously advanced. He suggested that commercial banks could first pilot the issuance of a Korean won stablecoin, and after accumulating experience and establishing a regulatory framework, non-bank institutions could be allowed to participate.

The South Korean government is drafting relevant legislation to support the development of stablecoins. Yoon Sang-don stated that the legislation will clarify the legal status of stablecoins, regulate their issuance and use, and strengthen compliance measures such as anti-money laundering.

Industry insiders have welcomed this. Park Jae-hoon, the president of the Korean Blockchain Association, believes that stablecoins help promote cross-border payments and financial inclusion, and are an important part of the development of the digital economy. He urged the government to accelerate the legislative process to create a favorable environment for industry development.

However, some experts have expressed concerns about the impact of stablecoins. Lee Jae-hyun, a researcher at the Korea Financial Research Institute, stated that if stablecoins gain widespread use in South Korea, it could weaken the central bank's control over the money supply and affect the transmission of monetary policy. He suggested that the central bank should closely monitor the developments of stablecoins and formulate corresponding countermeasures.