PBOC to optimize e-CNY position while monitoring overseas stablecoins

Pan Gongsheng, governor of the People's Bank of China, said the central bank will continue to work with law enforcement authorities to crack down on onshore virtual currency trading and speculation, while closely monitoring and assessing the development of overseas stablecoins.

Speaking at the Annual Conference of Financial Street Forum 2025, Pan said that although stablecoins issued by market institutions have continued to emerge in recent years, the sector remains in its early stage of development. He noted that international financial organizations and central banks generally take a cautious attitude toward stablecoins due to potential risks.

At the same time, Pan said the central bank will research on optimizing the positioning of digital yuan, or e-CNY, within the monetary hierarchy and support more commercial banks in becoming operators of e-CNY.