According to a Reuters report, China may greenlight its first renminbi-backed stablecoin as soon as later this month.
📌 What’s in the plan?
Clear objectives for boosting RMB usage in global markets.
Defined roles for domestic regulators.
A roadmap with risk-prevention measures to ensure financial stability.
Insiders reveal that senior Chinese officials could also convene a special high-level meeting by month’s end. The focus: how to further the internationalization of the RMB while keeping pace with the rapid growth of global stablecoins.
💡 The bigger picture:
While the U.S., with its open economy, is already leading the crypto race, countries with strict foreign exchange controls like China face unique challenges. Granting individuals decentralized stablecoin access risks undermining those controls.
That’s why China may follow a model similar to Hong Kong:
Mandatory identity verification (KYC) before trading or holding RMB stablecoins.
Whitelist-based wallet addresses for personal use.
Transactions restricted to domestic chains (not public ones like Ethereum or Solana).
⚠️ Without these guardrails, users could easily swap RMB for RMB stablecoins, convert them into USDT/USDC on-chain, and then spend or cash out abroad — effectively bypassing capital controls.
👉 If approved, this RMB stablecoin would mark a major milestone in China’s digital finance ambitions, with big implications for the global stablecoin landscape. 
