The move would be a clear shift from the 2021 crackdown on crypto trading and mining, and it would lay out targets, risk rules and which regulators must act.
The State Council is said to be set to review a roadmap later this month that maps those responsibilities and guardrails.
Hong Kong’s stablecoin law came into force on August 1, and Shanghai is building an international operation center for the digital yuan.
Based on reports, senior leaders could hold a study session as early as the end of the month to make clear how far stablecoins may be used and where limits must be drawn.
Latest figures put the total market at about $245 billion today, and Standard Chartered projects it could reach $2 trillion by 2028.
Based on reports, the yuan’s share of global payments slipped to almost 3% in June, while the US dollar still holds 47% of the market, according to SWIFT.
US President Donald Trump has publicly backed stablecoins and is pressing for a regulatory framework in the US.
According to sources, details of the stablecoin rollout may be revealed in the coming weeks. Beijing could raise the topic with trading partners at the Shanghai Cooperation Organization Summit on Aug. 31–Sep. 1 in Tianjin, the sources said.
Meanwhile, market players warn that China’s strict capital controls and large trade surpluses would complicate any plan to make yuan stablecoins useful across borders.
Reports says those controls could limit how freely a yuan-linked token moves between countries.
The roadmap is expected to include risk-prevention measures and assign implementation duties to domestic bodies, including the PBOC.
Featured image from Henderson Land, chart from TradingView
