John Greenwood, the "Father of the Pegged Currency," says he should stay away from stablecoins and increase the speed of banking transactions.

At a press conference in Hong Kong, John Greenwood, the "father of the linked exchange rate," advised against promoting stablecoins, saying they are essentially a stepping stone for fiat currencies to enter the crypto-asset market. He personally disagrees with the promotion of crypto-assets due to their instability, unreliability, and potential use for illicit purposes. Rather than developing stablecoins, a better approach would be to establish a domestic and international instant transfer system to speed up transactions within the banking system. (Lianhe Zaobao)