Policy makers in the United States and Hong Kong have advanced stablecoins and digital assets legislation since May 2025, including proposals to restrict a digital dollar, signaling a global regulatory wave.

Within China, attention has shifted to the digital RMB and potential RMB stablecoins as authorities weigh policy direction; the PBOC aims to optimise the digital renminbi’s position in the monetary stack and strengthen its management framework.

In late November, the PBOC and 13 other agencies convened a Coordination Mechanism Meeting to curb virtual currency speculation, reaffirming that stablecoins fall under virtual currency regulations and maintaining a firm stance against illicit financial activity linked to crypto markets.

Wang Yongli emphasises accelerating digital RMB innovation and broad adoption, domestically and internationally, to secure a competitive edge in cross-border payments and advance China’s leadership in digital currency development.