China has imposed a blanket ban on the issuance of yuan-based stablecoins and real-world asset (RWA) tokens, Cointelegraph reported on Thursday.
Cointelegraph said the People’s Bank of China (PBOC) and seven regulatory agencies issued a joint statement banning the issuance of unapproved stablecoins and RWAs.
The measure applies equally to foreign and domestic companies. Winston Ma (마 윈스턴), a professor at New York University, said the regulation applies to all markets related to the yuan (CNH·CNY) and reflects China’s intention to control the cryptocurrency market.
China recently approved a plan for commercial banks to pay interest to digital yuan (CBDC) holders to boost use of the digital yuan, and this is linked to stablecoin regulation.
In August 2025, the possibility was raised that the Chinese government could allow private companies to issue yuan-based stablecoins, but it halted the move in September and put related experiments on hold.
Chi-gyu Hwang
delight@d-today.co.kr