Zhou Xiaochuan, former governor of the People's Bank of China, has expressed concerns over the risks and limitations of stablecoins in a recent article. Zhou argues that centralized account systems continue to demonstrate strong applicability, and the rationale for replacing account-based payment systems with full tokenization is insufficient. He emphasizes that while technology is important, the comparison of payment efficiencies must prioritize security and compliance. Zhou highlights significant deficiencies in stablecoin payment operations, particularly in Know Your Customer (KYC) and compliance areas. He warns that if market manipulation cannot be effectively prevented, and unqualified investors are attracted, the risks could significantly increase. Zhou also cautions against the overuse of stablecoins for asset speculation, which could lead to fraud and instability in the financial system.