While the United States rely on an open regulation of stablecoins with the Genius Act, China chooses a more discreet route. In Shanghai, a strategic meeting reveals a desire to experiment, without losing control.
In short
- Shanghai organizes his first public study session on stablecoins despite the national ban on cryptocurrencies.
- The Clos meeting explores the use of stablecoins for cross -border trade and the management of supply chains.
- Experts describe this approach as an “several level experimentation” rather than a crypto liberalization.
China explores Stablecoins without a clear line
The Shanghai public asset supervision commission (SASAC) held an unprecedented strategic meeting, chaired by He Qing last week, last week.
The objective: to explore how public enterprises could use Blockchain technology to improve their operations, especially in cross -border trade.
This is the first time that stablecoins have also been discussed directly in an official regulatory framework in China.
He Qing insisted on the importance of better understanding emerging technologies and deepening research on digital currencies. A strong message, especially in a country where cryptos remain officially prohibited.
This contrast reveals a more subtle strategy than it seems: the Chinese authorities seem ready to experience certain innovations, as long as they remain under state control.
The exchanges have notably focused on the digitization of assets and the optimization of logistics chains thanks to the blockchain. A dynamic that contrasts with the warning launched a few days earlier by the city of Shenzhen concerning the Stablecoins scams.
For Sam Macpherson, CEO of Phoenix Labs, this is easily explained:
Stablecoins are considered to be sovereign financial instruments and not as investment assets.
A controlled experiment in global implications
The Governor of Banque Populaire de China, Pan Gongsheng, broke the official silence on the Stablecoins during the Lujiazui 2025 forum.
For the first time, the Chinese central bank publicly addresses these digital assets. PAN recognizes that the blockchain transforms international payments and accelerates money transfers between countries.
“” These innovations accelerate the development of digital currencies and stable parts of central banks, and reshape the traditional payment and settlement systems “Said the governor.
This position reveals that Beijing understands the major geopolitical issue of stablecoins for global monetary sovereignty.
China is testing different approaches according to its territories. Hong Kong keeps a “open” position on digital assets. Shenzhen remains more suspicious under the direct control of the central government. Shanghai cautiously explores the possibilities.
Macpherson explains that this apparent contradiction actually hides a “coordinated experiment”.
This Chinese strategy is part of a favorable Asian context. South Korea, Singapore and Hong Kong actively develop their Stablecoin infrastructure.
Beijing also observes American initiatives, including the Genius Act bill which could legalize stablecoins in the United States.
China advances in small calculated touches. She does not want to prohibit completely or adopt without control. The objective: to keep your hand on monetary innovation. The stablecoins thus become the guinea pigs of a discreet financial transformation, but decisive for the future of the Digital Yuan.
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