on the 18th, US President Trump signed a stablecoin regulation bill. This is the first stablecoin legislation at the federal level in the United States. However, what risks are hidden in the development of stablecoins, and how will it reshape the financial ecosystem attract attention. The Financial Times of the United Kingdom stated that the cross-border flow of funds of stablecoins is anonymous, making it difficult for regulatory agencies to effectively track the flow of funds, accurately estimate the scale of funds, and provide opportunities for money laundering and other illegal financial activities, greatly increasing the difficulty of regulation. In countries and regions with weak financial systems, the widespread use of stablecoins will inevitably have a strong impact on the local financial system. Once stablecoins encounter a crisis, it is extremely easy to trigger a chain of market trust crises, leading to the outbreak of run risks.