Ravi Menon, the managing director of the Monetary Authority of Singapore, stated that the future currency system will include central bank digital currencies, tokenized bank liabilities, and "well-regulated" stablecoins. Regulatory agencies are turning towards establishing a stablecoin system that is fully supported by high-quality government securities or cash. Regarding stablecoins and virtual currency assets currently on the market, Menon pointed out that stablecoins issued by non-financial institutions lack proper regulation for capital, liquidity, and reserves. When market conditions fluctuate, they cannot demonstrate their "stability" aspect. Therefore, when used for payment purposes, strict regulation of stablecoins is necessary. Bitcoin, on the other hand, lacks underlying assets and "no one uses it for savings, only hoping to make a quick buck," so it cannot be used for cross-border payments. Menon also mentioned that the Monetary Authority of Singapore and other regions are jointly developing various central bank digital currency cross-border networks (mBridge). If they can cooperate with other regions that are researching related applications and technologies such as tokenized deposits in the future, it will be possible to connect the flow of funds from different regions and solve the problem of long cross-border payment times and high costs.