At the 2025 Financial Street Forum, PBOC Governor Pan Gongsheng emphasized the need to enhance the digital RMB management system. The People's Bank of China, along with seven industry groups, issued warnings about the risks associated with virtual currencies and stressed the importance of stablecoin regulation. This initiative is part of broader efforts to monitor cross-border liquidity flows and crypto markets. The digital RMB is designed to replace cash without disrupting the existing banking infrastructure. Additionally, the mBridge project aims to facilitate global settlements by bypassing traditional systems like the dollar and SWIFT. The rise of dollar-pegged stablecoins such as USDT and USDC has prompted regulatory scrutiny in China and internationally.