Sorry, stablecoins have been sentenced to death in China. 'Stablecoins pegged to fiat currencies have, in their circulation and use, indirectly performed some functions of fiat currency. Without the lawful approval of relevant authorities, no domestic or foreign entity or individual is allowed to issue stablecoins pegged to the RMB overseas.' This is also the reason why the offshore RMB-pegged stablecoin projects by JD Chain Technology and Ant Group were halted.