The People’s Bank of China and seven regulators issued a joint directive banning unapproved issuance of Renminbi‑pegged stablecoins and tokenized real‑world assets (RWAs) for both onshore and offshore issuers. The policy frames RMB‑linked stablecoins as mimicking fiat functions, reinforces the digital yuan (e‑CNY) as the preferred state‑controlled channel, and follows recent steps allowing interest on e‑CNY wallets. Regulators signaled tighter enforcement and promised further guidance and potential actions, with implications for issuers, platforms and offshore CNH activity.

The joint PBOC/regulator directive explicitly bans unapproved RMB‑pegged stablecoins and tokenized RWAs (onshore and offshore) and elevates e‑CNY as the preferred state channel; regulators warned of tighter enforcement and forthcoming guidance, which directly constrains private RMB‑linked tokens and cross‑border CNH activity.