On July 10, the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting focusing on the development trends and response strategies of cryptocurrencies and stablecoins. Subsequently, A-shares of digital currencies and blockchain concept stocks continued to rise on the afternoon of July 11.
Author: Weilin, PANews
On July 11, news reported that the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting on July 10, focusing on the development trends and response strategies of cryptocurrencies and stablecoins. Subsequently, A-shares of digital currencies and blockchain concept stocks continued to rise on the afternoon of July 11. Earlier, Wuxi also held a special promotion meeting, mentioning 'exploring the practical path of stablecoins empowering foreign trade development,' possibly in response to the speech by Central Bank Governor Pan Gongsheng at the 2025 Lujiazui Forum in June.
Meanwhile, at 1:46 PM on July 11, Bitcoin broke a new high. According to OKX market data, BTC surpassed $118,000, setting a new historical high at $118,050 per coin, with a daily increase of 5.96%.
Shanghai State-owned Assets Supervision and Administration Commission: Research on the development trends of cryptocurrencies and stablecoins.
According to reports from Jinshi, at the central group study meeting, He Qing, Secretary of the Party Committee and Director of the Shanghai State-owned Assets Supervision and Administration Commission, pointed out that it is necessary to fully implement the spirit of the Seventh Plenary Session of the Twelfth Municipal Party Committee, adhere to innovation-driven development, maintain a keen perception of emerging technologies, and strengthen research and exploration of digital currencies. We should adhere to the integration of production and data, exploring the application of blockchain technology in areas such as cross-border trade, supply chain finance, and asset digitization. We should strive for progress, enhance our ability for strategic agility and initiative, further promote the deep integration of technology, finance, and industry, and better play the important role of state-owned assets and enterprises in technological innovation, industrial control, and safety support, contributing new and greater efforts to the construction of Shanghai's 'Five Centers'.
This moment coincides with the Hong Kong (stablecoin regulations) coming into effect on August 1 this year, at which point the Hong Kong Monetary Authority (HKMA) will begin accepting license applications. Currently, the HKMA is conducting market consultations on the specific guidelines for implementing the regulations, striving to establish the guidelines as soon as possible.
On July 11, Hong Kong's stablecoin concept stocks surged in early trading, with Jinyong Investment (01328.HK) rising over 30%, surpassing a market value of 2.5 billion Hong Kong dollars; Guotai Junan International (01788.HK) rose over 7%, OSL Group (00863.HK) rose over 5%, and stocks like China Everbright Holdings (00165.HK) and Delin Holdings (01709.HK) also followed suit.
Subsequently, A-shares of digital currencies and blockchain concept stocks also continued to rise in the afternoon, with Hengbao Co., Ltd., Puyuan Software, and Zhongke Jincai hitting the daily limit, while Sanwei Tiandi, Jida Zhengyuan, and Xinzhi Software had significant gains.
Influenced by the U.S. federal-level stablecoin legislation (Genius Act), the European MiCA compliance plan, and Hong Kong's (stablecoin regulations), the wave of stablecoin compliance has expanded globally. The 'out-of-circle' phenomenon of stablecoins has continued for some time.
On July 4, the Wuxi Municipal Committee held a special promotion meeting on key reform tasks. According to the official announcement, the meeting mentioned 'exploring the practical path of stablecoins empowering foreign trade development, continuously expanding the growth space for digital trade, green trade, and service trade, and improving the development level of cross-border e-commerce, intermediate goods trade, and offshore trade.'
Recently, Quan Shi International's subsidiary Fu Lao Investment and the People's Government of Yanji City signed a memorandum of understanding regarding potential cooperation in Hong Kong to develop digital economy-related business matters, mentioning a design for a multilateral points exchange system targeting the cross-border tourism consumption scenario in Yanji. Utilizing the immutable characteristics of blockchain to ensure the transparency of point issuance, while bridging the points system of merchants from China, South Korea, and Russia through offshore Renminbi stablecoins. Consumers can exchange local consumption points for stablecoins and pay directly at overseas partner merchants. A 'dual compliance framework' is adopted, with the bottom layer being issued by a licensed institution in Hong Kong as a fiat collateralized stablecoin, ensuring fund compliance; the swap transactions designated by the Yanji government can connect to international blockchains.
Think tank suggestions: The development of Renminbi stablecoins can combine domestic and foreign elements.
The exploration of stablecoins in Shanghai and Wuxi, both located in the Yangtze River Delta region, may respond to the speech made by Central Bank Governor Pan Gongsheng at the 2025 Lujiazui Forum in June.
On June 18, the Governor of the Central Bank, Pan Gongsheng, stated at the 2025 Lujiazui Forum that new technologies are accelerating their application in the field of cross-border payments, with new technologies such as blockchain and distributed ledgers promoting the vigorous development of central bank digital currency stablecoins, reshaping the traditional payment system from the ground up, significantly shortening the chain of cross-border payments, while also posing tremendous challenges to financial regulation. Technologies such as smart contracts and decentralized finance will continue to drive the evolution and development of cross-border payment systems. In addition, Pan Gongsheng proposed to carry out a pilot reform of offshore trade finance services in the new area of Lingang, Shanghai, innovating business rules to support Shanghai's development of offshore trade.
The rapid development of stablecoins has attracted recommendations and advice from think tanks. On July 10, Yang Tao, Deputy Director of the National Financial and Development Laboratory, wrote an article suggesting that the development of the Renminbi stablecoin should adopt a 'domestic offshore + overseas offshore' linkage model, coordinating the pilot exploration of the Shanghai Free Trade Zone with the overseas Hong Kong market. The article pointed out that the current Renminbi stablecoin should be led by central regulation, building a mechanism that combines wholesale and retail with on-chain issuance, and achieving 'electronic enclosure' compliance through technological means. He also suggested establishing a dual currency system of CNYC (domestic offshore Renminbi stablecoin) and CNHC (overseas offshore Renminbi stablecoin) to support cross-border payments, RWA settlements, and Renminbi internationalization, emphasizing the need to strictly control risks and accelerate the construction of a legal framework.
Shenzhen, Beijing: Beware of illegal fundraising activities disguised as stablecoins.
However, the 'out-of-circle' effect of stablecoins has also triggered more market risk awareness and reflection. Recently, (Xinhua International Highlights) connected with Liu Ying, a researcher at the Renmin University of China’s Chongyang Institute for Financial Studies, to interpret the development of stablecoins. The article mentioned that 'in recent years, stablecoins have entered a rapid growth phase, attracting widespread attention from international public opinion, with many well-known companies and institutions accelerating their layout in the stablecoin market.' The article subsequently elaborated on the characteristics, roles, application scenarios, and issuers of stablecoins.
On July 7, the illegal platform 'Xinkangjia', disguised as a stablecoin, exploded. According to a report from the Public Security Bureau of Taojiang County, Hunan Province, some people invested through the 'DGCX Xinkangjia' platform upon recommendation from others. This platform impersonated the Dubai Gold and Commodities Exchange (DGCX) to attract funds, but was in fact an unauthorized and unqualified illegal platform, promising high returns and inducing expansion through member commissions. Since June 25, the platform has been unable to withdraw funds normally, suspected of a broken capital chain, constituting a significant risk of fundraising fraud. Public security agencies remind people not to participate in investments in such unapproved platforms.
On July 7, the Shenzhen Office for the Prevention and Crackdown on Illegal Financial Activities also issued a risk warning regarding illegal fundraising activities disguised as stablecoins. The office stated that recently, digital currencies represented by stablecoins have attracted widespread attention in the market. Monitoring has found that some illegal organizations use 'financial innovation' and 'digital assets' as gimmicks, exploiting the public's limited understanding of stablecoins, to absorb funds by issuing so-called 'virtual currencies', 'virtual assets', 'digital assets', etc., inducing the public to participate in trading speculation and disturbing economic and financial order, breeding illegal fundraising, gambling, fraud, pyramid schemes, money laundering, and other criminal activities, seriously endangering the property safety of the public.
On July 9, news reported that the Beijing Internet Finance Industry Association also issued a risk warning, urging caution against illegal organizations and individuals using concepts like 'stablecoins' for illegal fundraising. Relevant activities induce public investment through false promises of high returns and fund pool operations, and are plagued by issues such as lack of qualifications, concept packaging, and risk spillover. Once the capital chain breaks, investors may face significant losses.
Overall, as the exploration of stablecoin applications accelerates in Shanghai and Wuxi, the application prospects for digital currencies and blockchain technology in China are gradually becoming apparent. However, in this innovative field, it is also necessary to be vigilant against the hidden risks and to take effective regulatory measures to ensure the healthy development of the market.