Chinese authorities have directed state-owned digital service providers and financial institutions to explore launching stablecoins backed by the yuan, signalling a potential recalibration of the country’s longstanding hardline approach to cryptocurrencies.
According to sources cited by the South China Morning Post, officials are tasking state-owned giants, including Guotai Haitong and Shanghai Data Group, to assess the feasibility of piloting yuan-pegged stablecoins. This directive emerged from a recent meeting convened by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC)
At the meeting, SASAC director He Qing urged state-owned companies to leverage technological innovation to drive economic growth, emphasizing the opportunities embedded within digital currencies. He highlighted blockchain’s role in enhancing cross-border payments, supply chain financing, and real-world asset tokenization.
“State-owned entities like Guotai Haitong, owned by the local government and Shanghai Data Group, the city’s key data infrastructure firm, would look into the feasibility of launching a trial run of stablecoins.”
He said.
The move comes after Chinese regulators reevaluated digital asset policies amid the rapid global rise of stablecoins. Calls for yuan-backed stablecoins have intensified in recent months, with advocates arguing they could enhance China’s cross-border payment infrastructure and solidify the yuan’s international influence.
Globally, stablecoins are becoming a focal point of legislative and regulatory initiatives. In the United States, the GENIUS Act—designed to establish a national framework for stablecoins—has secured Senate approval and awaits a House vote later this month. Meanwhile, Hong Kong is preparing to implement its Stablecoin Ordinance on August 1, enabling special licensing for firms issuing Hong Kong dollar-pegged stablecoins. The European Union’s Markets in Crypto-Assets Regulation (MiCA) has already set clear compliance pathways for stablecoin issuers operating in its jurisdiction.
For China, the exploration of yuan-pegged stablecoins could mark a strategic pivot, positioning the nation to integrate blockchain-based digital assets into its broader economic and technological development agenda.
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