Wu Shuo learned that according to an official publication from the European Central Bank (ECB), in its latest "Macroprudential Bulletin," it pointed out that the growth of euro-denominated stablecoins could impact the sovereign bond market. The European Central Bank stated that the report provides a detailed analysis of the design mechanisms and regulatory policies of euro stablecoins, and how they may specifically affect asset demand, liquidity, and potential stress transmission in the eurozone government debt market. As the MiCA legislation advances, European regulators are increasingly concerned about the spillover effects of compliant stablecoin reserves on the traditional financial system.