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On June 25, according to reports, Li Bo, Vice President of the International Monetary Fund (IMF) and former Deputy Governor of the Central Bank of China, stated at the 2025 Summer Davos Forum that the regulation of stablecoins faces two core issues that need to be resolved: first, whether stablecoins are considered money or financial assets; second, if deemed to be money, whether they fall under Broad Money M2 or cash-like M0. Li pointed out that countries around the world are actively exploring legal and regulatory frameworks for stablecoins, but global Consensus still needs further consolidation. He emphasized that different attribute determinations will correspond to different legal regulatory requirements, including the construction of mechanisms such as AML...