Of course, states will not be watching long to see how their national currencies are used as collateral in other stablecoins. Therefore, such regulation is logical and inevitable. There is also a threat here that states will protect their national stablecoins from their central banks and, to reduce competition, may restrict circulation or even prohibit the circulation and use of other stablecoins where their national currency is used as collateral. The Chinese government already intends to do this.