Pan Gongsheng: New technologies such as blockchain and distributed ledgers are driving the vigorous development of central bank digital currency stablecoins

Central Bank Governor Pan Gongsheng said at the 2025 Lujiazui Forum that new technologies are accelerating the application in the field of cross-border transfer. New technologies such as blockchain and distributed ledgers have promoted the vigorous development of the central bank's digital currency stablecoin, enabling payment and settlement to reshape the traditional payment system from the bottom up, greatly shortening the chain of cross-border transfer, and also posing huge challenges to financial supervision. Smart contracts, decentralized finance and other technologies will also continue to promote the evolution and development of the cross-border transfer system.