This February 6, eight national agencies, led by the People’s Bank of China (PBOC), issued a joint notice confirming that China bans stablecoins and RWAs (Real-World Assets). Authorities characterized the tokenization of physical goods as illegal fundraising, marking their most aggressive regulatory measure since the 2021 mining ban to close any remaining loopholes in the sector.
The decision had a direct impact on global markets, especially on protocols such as Ondo and Mantra, by eliminating any possibility of Chinese institutional participation in asset digitalization. By reinforcing the exclusivity of the digital yuan (e-CNY), the government seeks to prevent capital flight and the parallel payment systems that stablecoins facilitate, prioritizing monetary control over decentralized financial innovation.
From now on, the community must monitor the response from Asian financial hubs like Hong Kong, which had maintained a more open stance. Structural market fragmentation seems inevitable as China tightens its criminal and technological surveillance, making it clear that it will not tolerate blockchain-based financial abstractions operating outside of direct state control.
Source:https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2026020619555183972/index.html
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