Stablecoin risks are once again being globally warned: currency sovereignty and compliance issues are the focus. Recently, officials from multiple countries' central banks have issued concentrated warnings about USD stablecoins, with core concerns mainly centered on two aspects: first, the potential to promote "implicit dollarization" in emerging markets, weakening local currency systems and monetary sovereignty; second, due to the convenience of cross-border circulation, there is a potential risk of being used for money laundering and other illegal financial activities. As stablecoins continue to expand their use in global payments and transactions, their regulation and compliance issues are also becoming important topics in the international financial system.