Financial writer J.P. Koning noted that stablecoin loopholes could allow financial institutions to bypass anti-money laundering regulations. Take PayPal as an example. Its traditional payment platform requires strict anti-money laundering controls, while the new stablecoin platform PayPal USD has relatively loose anti-money laundering controls. Through PayPal USD, users can conduct transactions without identity verification. Koning believes that if financial institutions transfer customers from traditional platforms to stablecoin platforms, compliance costs will be reduced and revenue will be increased. However, this approach could weaken the financial system's anti-money laundering capabilities.