China calls for tighter oversight of stablecoins amid growing role in cross-border payments
The People's Bank of China (PBOC) has called for closer monitoring of the stablecoin market, arguing that such assets could play an increasingly important role in cross-border payments.
The remarks were made by Wang Xin, director of the Research Bureau at the People's Bank of China, according to The Paper. He said the development of stablecoins requires closer cooperation among regulators across different jurisdictions.
According to Wang, particular attention should be given to supervisory frameworks and the development of common regulatory standards for digital assets.
Stablecoin oversight and focus on CBDC
The central bank official also warned about risks stemming from growing uncertainty in the global financial system and the potential use of payment infrastructure as a tool of political pressure.However, Wang did not announce any changes to China's policy on digital assets and did not express support for privately issued stablecoins.
In addition to stablecoins, the Chinese regulator plans to closely monitor the development of central bank digital currencies (CBDC). Wang argued that the use of such instruments in international payments also requires further regulatory work.
His comments came several months after the People's Bank of China and seven government agencies banned the unauthorized issuance of stablecoins and tokenized assets pegged to the Chinese yuan.
The rules apply to both domestic and foreign organizations and require issuers to obtain official approval before launching such instruments.
Stablecoin market continues to grow
Chinese authorities' growing attention to the sector comes amid rapid expansion of the stablecoin market.According to industry estimates, the total supply of stablecoins increased by approximately $8 billion during the first quarter of 2026, reaching a record $315 billion.
During the same period, stablecoin transaction volume exceeded $28 trillion. Analysts estimate that stablecoins accounted for roughly 75% of total cryptocurrency trading volume.
Cross-border corporate payments remain another major growth driver. According to a forecast by Juniper Research, the volume of stablecoin-based cross-border B2B payments could increase from $13.4 billion in 2026 to $5 trillion by 2035.
Earlier, a bipartisan group of U.S. senators urged the Treasury Department to clarify issuer certification procedures ahead of the implementation of the GENIUS Act.
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