Zhu Yunlai: The Value of Stablecoins Must Be Verified Through Real-World Applications

According to Jinse Finance, the China Europe International Business School held the fifth "Zhi Hui CEIBS · Beijing Forum" in Beijing on July 10. Zhu Yunlai, former President and CEO of CICC and Visiting Professor of Management Practice at Tsinghua University, delivered a keynote speech. He noted that in the context of the new era, the market's demand for efficient and stable transaction media is becoming increasingly prominent, and the technological concepts behind cryptocurrencies such as Bitcoin have provided inspiration—people are gradually realizing that a composite token management model may help build a superior payment tool. Specifically, a professional financial team is needed to systematically incorporate variables such as price volatility into the management framework, ultimately providing a currency form that is efficient, low in volatility, and highly secure. This idea echoes certain aspects of Hayek's monetary theory: currency does not necessarily have to be state-exclusive, and private entities may also participate in its supply—the key lies in how to establish and maintain the credibility of the currency's value. However, there is still a considerable gap between current stablecoins and the concept of "private money." A more realistic path may be for large-scale, highly transparent international institutions to issue such currencies, with operational algorithms that are open and verifiable—this is fundamentally different from the anonymity of Bitcoin. Stablecoins need to build trust through "real-name" mechanisms, including clear disclosure of clearing mechanisms, collateral asset composition, or specific currency value management methods. Ultimately, the value of stablecoins must be tested by their actual application: if they can consistently maintain stability and efficiency, they may, through the market effect of "good money driving out bad," gradually become part of the global consensus as a foundational medium of exchange.