CITIC Securities said that in recent years, more and more payments have fled the centralized monetary system dominated by the US dollar and taken refuge in the digital payment system (such as Bitcoin). Stablecoins are "two-sided" currencies that have both centralized and digital currency characteristics. Policies aimed at promoting the development of stablecoins need to focus on strengthening the stability mechanism of stablecoins: enhancing the market's "trust consensus" on stablecoins. This is also the focus of recent stablecoin regulatory policies. Looking at the current comparison between the total size of stablecoins and US dollar and US debt, promoting the development of stablecoins will not bring large-scale funds to the US dollar and US debt in the short term. In the medium and long term, the steady development of stablecoins can first allow fiat currencies (such as the US dollar) to take advantage of the expansion of Bitcoin's market value; secondly, it can also allow fiat currencies to be covered with a layer of stablecoin digital clothing, bridging the gap between centralized credit currency and digital currency.