Stablecoins, as an efficient means of payment and value storage, have garnered significant attention globally, with their development and regulation becoming a pressing topic. IMF Deputy Managing Director Li Bo emphasized that while stablecoins present both opportunities and challenges, the crux of managing them effectively lies in their appropriate application and robust regulation. Numerous countries are currently navigating the path to regulate stablecoins and establishing relevant legal frameworks. However, a definitive conclusion on the attributes of stablecoins, such as whether they constitute currencies or financial assets, and if categorized as currencies, their classification within M0 or M2, remains elusive. This ambiguity directly impacts the formulation of regulatory guidelines. The IMF actively supports ongoing discussions and strives to foster international consensus on this matter.