[Former Vice President of Bank of China Wang Yongli: Promoting RMB stablecoins lacks advantages domestically and internationally] On December 5, former Vice President of Bank of China Wang Yongli published an article titled 'Why China Resolutely Halts Stablecoins?' The article points out that China already holds a globally leading position in mobile payments and digital RMB. Promoting RMB stablecoins domestically offers no advantages, and internationally, it has limited development potential and influence. China should not follow the path of USD stablecoins and fully push for the development of both onshore and offshore RMB stablecoins. If China follows the USD stablecoin path to develop RMB stablecoins, it will not only struggle to challenge the international status of USD stablecoins but may even turn RMB stablecoins into a subordinate of USD stablecoins. This could impact national tax collection, foreign exchange management, and cross-border capital flows, posing serious threats to RMB sovereignty, security, and the stability of the monetary and financial system. In the face of increasingly sharp and complex international situations, China should prioritize national security, remain highly vigilant, and strictly control the speculation and trading of crypto assets, including stablecoins. Efficiency gains and cost reductions cannot be pursued at the expense of security. Of course, while resolutely halting stablecoins and cracking down on virtual currency trading speculation, China must also accelerate the innovative development and widespread application of digital RMB domestically and internationally. This will establish a globally leading position for digital RMB, carve out a unique path for digital currency development in China, and actively explore the creation of a fair, reasonable, and secure international monetary and financial system.