Zhou Xiaochuan, ex-PBOC governor, said at the 2025 Lujiazui Forum that dollar-backed stablecoins dominate global discussions.  
Other regions may issue local stablecoins, but their global impact remains uncertain. Dollar stablecoins could strengthen dollarization, a controversial economic move.  
He warned against dollarization unless facing extreme crises like hyperinflation or high debt.  
When discussing stablecoins' future role, he urged considering dollarization's potential downsides for sp