According to 21st Century Business Herald, stablecoins are being "demystified" from four dimensions, and the analysis points out that stablecoins are a shadow of fiat currencies, not a currency revolution. Zou Chuanwei, Chief Economist of Wanxiang Blockchain, pointed out that the mainstream model of stablecoins has not created new currencies, but rather tokenizes bank deposits and invests reserve assets in low-risk assets such as US bonds. Essentially, it is a "blockchain translation" of the existing monetary system. Zhao Binghao, Dean of the Institute of Financial Science and Technology Rule of Law at China University of Political Science and Law, said that the stability of stablecoins depends on the issuer's reserve assets, and in extreme market environments, the value of stablecoins may even return to zero. The collapse of UST is a typical example. Secondly, stablecoins do not exist as currencies beyond sovereignty; Thirdly, the digestion effect of stablecoins on US bonds is relatively limited; Fourthly, the hedging function and investment attributes of stablecoins have not been fully validated.