Analyzing the latest IMF report, the rapid development of stablecoins indeed poses a challenge to the traditional financial system. USD-backed stablecoins facilitate cross-border payments, which may accelerate the dollarization process in vulnerable economies. This not only weakens the effectiveness of local central banks' monetary policies but also could trigger capital outflow risks. From on-chain data, the trading volume and market capitalization of stablecoins have recently been steadily increasing, reflecting growing market demand. For investors, it is important to closely monitor regulatory developments and market changes related to stablecoins, and to assess their impact on the cryptocurrency ecosystem. At the same time, caution should be exercised regarding the systemic risks that stablecoins may bring, and assets should be allocated reasonably.