Over the past decade, China has rolled out a series of bans on crypto activity, steadily cranking up its crackdown. The first major move came in 2013 when authorities imposed initial crypto rules, and by December 2013, banks and payment providers were barred from handling any and all types of crypto transactions. Even though the country still accounts for 13.84% of the global hashrate, Beijing has pushed most domestic mining operations to relocate abroad.

At the same time, China has been zealously building and testing its CBDC, the digital yuan, making it one of the frontrunners among major nations to go live with a CBDC. So far, only a couple of smaller countries—Nigeria, Jamaica, and the Bahamas—have beaten it to the punch. A new Financial Times (FT) report says that, while fretting over funds slipping offshore, China is covertly experimenting with stablecoins.

As reported by the FT editorial, insiders and financial statements reveal that Chinese regulators have consulted with “experts” to explore “trends and strategies” for stablecoins. The report adds that one unnamed source insisted a stablecoin offering in China “must be compatible with the country’s specific national conditions.” And although the People’s Bank of China (PBOC) is concerned about capital outflows, it also fears stablecoins could intensify the problem.

Last year, Chinese banks moved a staggering 133 trillion yuan (~$182 billion) into offshore investment accounts, highlighting mounting capital-flight pressure. These hefty transfers have weighed on the yuan’s value, though they haven’t reached the dramatic peaks of earlier-decade flight episodes. Business Insider reported that in 2015, $1 trillion exited China — worse than anticipated — as foreign-exchange reserves plunged by $513 billion that year.

FT’s latest report, authored by William Sandlund, Cheng Leng, and Chan Ho-him in Hong Kong, explains that Hong Kong has become a stablecoin sandbox. As of Aug. 1, the Hong Kong Monetary Authority (HKMA) announced that any entity issuing fiat-backed stablecoins for Hong Kong must secure an HKMA license and satisfy strict requirements, including full reserve coverage with high-quality liquid assets, ironclad AML/KYC protocols and clear transparency measures.

Should whispers of testing and a fascination with yuan-backed digital assets prove accurate, Beijing’s cautious foray into stablecoin experiments unveils a calculated plan: harness blockchain efficiencies without surrendering monetary control. If pilots succeed, the digital yuan and a state token could coexist, giving officials oversight while satisfying tech-savvy investors seeking frictionless cross-border transactions.

For international markets, China’s next move could set a precedent for economies balancing capital controls with fintech ambitions. Competitors in Washington, Brussels and Delhi will watch closely, wary that a Chinese-approved stablecoin might swiftly recalibrate payment rails and geopolitical influence.

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