The National Natural Science Foundation of China (NSFC) has launched a new project focusing on global stablecoin risk governance. The 2025 Phase 3 Emergency Management Project will provide up to 300,000 yuan in funding for research teams or individuals exploring the various aspects of stablecoins and their potential impact. This initiative follows previous NSFC-led projects that shaped regulations in the digital finance space. Researchers can apply for funding until October 9th, 2025, with successful proposals receiving funding for a 10–12 month research period. While there’s no immediate market impact from this project, its long-term implications on future stablecoin regulation and international collaboration are likely.