Systematic opening-up crucial to mitigate stablecoin risks

US President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins Act on Friday.

What kind of potential impact the introduction of stablecoins will bring to the global financial system, especially China's financial system, and how China should respond have become urgent questions to answer.

The GENIUS Act, the first federal regulation in this regard, was passed by the US Senate in June and by the House of Representatives on Thursday when the House also passed the Digital Asset Market Clarity Act and the Anti-Central Bank Digital Currency Surveillance State Act, both of which still need to be passed in the Senate.