Who can become the technical foundation of China's stablecoin? Four national level public chains compete on the same stage As the global regulatory framework for stablecoins accelerates, a question is becoming urgent: who will bear the technical foundation for the Chinese version of stablecoins? In the context of China, "public chain" has long transcended the definition of a permissionless system and is closer to a state led and regulated "trust infrastructure". The four most popular chains currently are BSN, Spark Chain Network, Chang'an Chain, and Conflux. They each have their own background and goals, and are considered as "national team" players. BSN, led by the National Information Center, emphasizes "tokenization" and focuses on multi chain adaptation. It is currently the most complete consortium chain system in China, but is extremely cautious about token mechanisms or may limit their expansion in stablecoin scenarios. Starfire Chain Network is supported by the Ministry of Industry and Information Technology, with a clear architecture and wide coverage of nodes. It focuses on industrial applications and deeply cultivates in scenarios such as trusted data and digital identity. It also does not design tokens and is suitable for B2B or government scenarios. Chang'an Chain is led by Beijing, with the participation of state-owned enterprises and giants such as Tencent and Baidu. It has been repeatedly included in policy planning and has cooperated with the central bank's research institute to promote the enterprise level scenario of digital RMB. It has the technical foundation and ecological advantages of stablecoin issuance. Conflux is the only mainnet public chain in mainland China with a token mechanism, led by the "Yao Ban" team, which implements the issuance of modern coins under the regulatory framework and has international liquidity. Currently, it is promoting a stable coin plan anchored in offshore RMB, integrating technology, policy, and market, and is the only candidate with global expansion potential. As global stablecoins enter the stage of infrastructure competition, China is responding to the future restructuring of the financial landscape through a "controllable and compliant national level blockchain network" path. From token rejection to token exploration, who can break through from the consortium chain will determine whether China can have true "on chain currency sovereignty".