Wang Yongli, former Vice President of the Bank of China, has expressed concerns that stablecoin legislation could have adverse effects on the broader crypto market. He argues that stablecoins are not indispensable for the crypto ecosystem and that regulatory measures targeting them could lead to comprehensive legislation affecting all crypto assets. This, he warns, might significantly disrupt the market and undermine stablecoins themselves. Wang suggests that China should focus on advancing overall crypto asset legislation rather than developing RMB stablecoins, which he views as having limited potential. He advocates for encouraging financial institutions to adopt blockchain technology, promoting the development of real-world assets (RWAs), and attracting crypto exchanges to Hong Kong to enhance the RMB's integration into the blockchain space.