China Formalizes Ban on Yuan Stablecoins, RWA Tokenization

In brief

• China’s central bank and regulators have issued a notice that bans unapproved issuance of renminbi-pegged stablecoins, including those offshore.
• Most real-world asset tokenization is now classified as illegal outside approved infrastructure.
• The move follows earlier crackdowns on speculative crypto, RWA tokenization, and Hong Kong-linked stablecoin plans.