Recently, many people in the circle are discussing—Is China about to tighten its cryptocurrency regulation again, especially targeting stablecoins and various crypto scams.

This rhythm is actually quite obvious in redrawing the lines.

Many people are also asking me:

"So, will the RMB stablecoin really be issued?"

My personal judgment is—yes, but it will definitely be of a "national brand."

The most likely way is to issue digital RMB (e-CNY) as the basis for stablecoins on a consortium chain led by state-owned institutions, and then cross-chain to some compliant public chains for international settlement or commercial circulation.

But one thing must be clarified:

The supply of currency, pricing power, and circulation rules must always be under national macro-control.

The right to issue currency is the lifeline of the state, and it cannot be marketized or platformized.

It is even less likely to allow private enterprises like Tencent, Alibaba, JD, Meituan to get involved—this is not a technical issue, but a bottom-line institutional issue.

The design logic of digital RMB has determined from the very beginning:

The state controls the issuance and recovery of currency, the banking system maintains payment and clearing,

while social capital can only participate in peripheral ecological construction, such as wallet interfaces, cross-chain applications, and payment scenarios.

In simple terms—

Stablecoins can be commercialized, but the right to issue currency can never be privatized.

This is the underlying logic of China’s version of "Crypto."

Financial sovereignty must be stable, the currency system must be secure, and the regulatory logic must be closed-loop from top to bottom.

Only in this way can digital RMB both participate in international competition and not lose control.

This step may not be quick, but the direction is already very clear:

"State-led, consortium foundation, compliant extension"—this is the ultimate form of Chinese-style stablecoins.