The People’s Bank of China and seven regulatory agencies issued Notice No. 42 on February 6, 2026, categorically banning the issuance of RMB-pegged stablecoins without prior government approval, both onshore and offshore. This measure puts an end to plans by major Chinese tech firms like Ant Group and JD.com that were preparing offshore yuan-backed stablecoins, particularly through Hong Kong. Cumulative e-CNY transaction volume reached approximately 16.7 trillion yuan, roughly $2.3 trillion, by the end of November 2025. The launch of interest-bearing features for e-CNY accounts in January 2026 enhances the appeal of the state system compared to private alternatives.
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