China’s Stablecoin Dilemma: Balancing State Control and Market Innovation

Following a significant shift in the Chinese fintech landscape, Beijing has halted all private stablecoin projects. This reversal marks a pivotal moment for China’s digital currency development. The country’s long-standing commitment to maintaining state control over monetary policy has resulted in a strategic pullback from private stablecoins, prompting questions about the future of innovation in this arena.