The eight financial opening measures released at the 2025 Lujiazui Forum will have complex and far-reaching impacts on the cryptocurrency market.
1. Internationalization of digital RMB: squeeze and empowerment coexist
Policy core: Establish a digital RMB international operations center to promote cross-border payment innovation.
Impact on Cryptocurrencies:
Competitive substitution: With the national credit endorsement and efficient cross-border settlement capabilities, the digital RMB may weaken the demand for Bitcoin and other cross-border payment tools, especially impacting the payment scenarios of privacy coins and stable coins.
Technological empowerment: The blockchain technologies that the digital RMB relies on, such as smart contracts and distributed ledgers, may accelerate the implementation of enterprise-level blockchain applications, indirectly promote the iteration of public chain/alliance chain technology, and benefit underlying infrastructure such as Ethereum and Solana.
2. Blockchain letters of credit and cross-border payments: opening up compliance channels
Policy breakthrough: Pilot "Shipping and Trade Blockchain Letter of Credit Refinancing" in Shanghai to put trade finance processes on the chain.
Market Opportunities:
RWA real-world asset tokenization is accelerating: the demand for traditional assets such as letters of credit and bonds to be put on the chain has surged, which is beneficial to RWA protocols such as MakerDAO and cooperative technology providers such as Longxin Group.
Opportunities for stablecoin compliance: The policy clearly recognizes that stablecoins "optimize cross-border payment efficiency". Licensed institutions such as ZhongAn Online and LianLian Digital may become the first batch of compliant stablecoin issuers, squeezing the market share of offshore stablecoins such as Tether.
3. Stablecoin regulatory framework: from gray to mainstream
Policy attitude: Pan Gongsheng affirmed that stablecoin is an "innovative application of blockchain technology" while emphasizing "financial regulatory challenges."
Industry Impact:
The formation of licensing barriers: China may learn from the Hong Kong model and implement access permits for stablecoin issuers. Stablecoins without country-specific regulatory endorsement face compliance cost pressure.
Expansion of legal currency channels: The Digital RMB International Operations Center may be connected to a compliant stablecoin exchange system, providing a legal channel for deposits and withdrawals in the cryptocurrency market.
4. Differentiation impact on crypto asset classes
Favorable areas:
Compliant stablecoin issuers;
Blockchain cross-border payment protocol;
RWA infrastructure token.
Negative areas:
Pure payment cryptocurrencies such as LTC and XRP;
Algorithmic stablecoins without physical support, such as the UST model;
Privacy coins are becoming more regulatory exclusive.
This policy marks a key turning point for China from "blocking" to "unblocking" its approach to crypto assets: competing for the cross-border payment market through the compliance of digital RMB and stablecoins, while absorbing blockchain innovation with a technologically neutral stance.
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