Recently, the popularity of stablecoins has continued to rise. On June 25th, during the 2025 Summer Davos Forum, Huang Yiping, the director of the National School of Development at Peking University, told the Beijing Business Today reporter that compared with traditional virtual currencies such as Bitcoin and Ethereum, stablecoins have undergone significant changes. The core issue of traditional virtual currencies lies in the lack of intrinsic value support, and their prices are highly dependent on market psychology and speculative sentiment. The volatility is extremely high. Precious metals or sovereign currencies, on the other hand, possess relatively stable intrinsic value. The key improvement of stablecoins lies in the introduction of a value anchoring mechanism. It usually takes sovereign currencies, national debts or other traditional financial assets with good reputation as underlying reserve assets. For instance, stablecoins pegged to the US dollar have their value essentially backed by the sovereign credit of the US dollar, thereby obtaining a relatively stable intrinsic value.