China Rejects Stablecoins, Allows Only Offshore Yuan Tokens

[nihalsari]

Mainland China continues to block the formation of a domestic stablecoin industry.
Officials reportedly ordered firms to stop publishing research, hosting seminars, or investing in stablecoin-related activities.
Meanwhile, offshore yuan stablecoins — aimed at Belt and Road markets — continue launching abroad.
Experts say onshore stablecoins are unlikely: “China will not issue stablecoins domestically.”

[Abdul Khan]

China doubling down on control — no surprise there. Centralized systems stay centralized. 🧱

[Nahid Hossen]

Approving offshore yuan tokens instead of stablecoins shows how tightly they want to manage flows.