Zhu Rongji's son Zhu Yunlai: Unlike Bitcoin, stablecoins need to establish credibility through "naming".

[Zhu Rongji's son Zhu Yunlai: Unlike Bitcoin, stablecoins need to establish credibility through "naming".] The China Europe International Business School held the 5th "Wisdom Gathering China Europe · Beijing Forum" in Beijing on July 10. Zhu Yunlai, son of Zhu Rongji, the former president and CEO of China International Capital Corporation and a visiting professor of management practice at Tsinghua University, delivered a keynote speech. In the context of the current new era, the market's demand for efficient and stable mediums of exchange is becoming increasingly prominent. The technical ideas of cryptocurrencies like Bitcoin have also provided inspiration—people are gradually realizing that through a combination token management model, it might be possible to construct better payment tools. Specifically, a professional financial team needs to systematically incorporate variables such as price fluctuations into the management system, ultimately providing a form of currency that is efficient, low fluctuation, and highly secure. This idea resonates with Hayek's monetary theory: currency is not necessarily exclusive to the state, and private entities can also participate in its supply, with the key being how to establish and maintain the credibility of the currency's value. However, the current context of stablecoins is still quite distant from "private currencies." A more realistic path may involve issuance by larger, more transparent international institutions, with operational algorithms that must be publicly accessible—this is in stark contrast to the anonymity of Bitcoin. Stablecoins need to establish credibility through "naming," including clear disclosures of clearing mechanisms, collateral asset composition, or specific currency management methods. Ultimately, the value of stablecoins must be tested by their actual application effects: if they can maintain stability and efficiency over time, they may gradually become part of the global consensus on trading foundations, driven by the market effect of "good money driving out bad money."