China Calls for Tighter Stablecoin Rules to Protect Cross-Border Payment Systems

Overview

• Wang Xin, director of the PBOC Research Bureau, on Wednesday urged stronger global oversight of stablecoins and closer central bank coordination to prevent disruption of routine international payments.
• He warned that stablecoins could reshape settlement systems because they mix payment functions with private issuance, so regulators must assess systemic effects before wider adoption.
• The PBOC official also flagged cross-border uses of central bank digital currencies as a policy priority that could change how central banks cooperate on settlements.
• Beijing has already tightened mainland rules in February to bar unauthorized issuance of renminbi-linked stablecoins outside China while Hong Kong is pursuing a separate licensing route for issuers, highlighting regional divergence.
• Wang linked payment-system reform to development needs and urged multilateral lenders to boost resources, governance and quota reforms so emerging economies can access climate and investment finance more reliably.