The China Stablecoin Seminar has been held! The Service Trade Association will launch a senior training course on "Stablecoins and Innovative Development in Cross-Border E-Commerce" in August.

As the United States accelerates its development of stablecoins, China's attitude has been a focal point of attention. Despite implementing strict bans on cryptocurrency trading and Mining within its borders, a series of recent developments indicate that China is quietly adjusting its strategy in the realm of stablecoins and digital assets. On July 18, the China Academy of Information and Communications Technology held a seminar on "Stablecoins and Industrial Digital Assets," focusing on core topics such as stablecoin policy regulation, the transformation of industrial digital assets, the integration of RWA, and the development of the industrial internet. At the same time, the China Service Trade Association and the China Cross-Border E-Commerce 50 Forum announced that they will launch a senior training course on "Stablecoins and Innovative Development of Cross-Border E-Commerce" in August 2025. These actions, seemingly academic discussions and industry training, actually reveal the government's new layout regarding stablecoin strategies.

China Research Institute Tests the Waters: From Seminars to Advanced Training Courses

The "Stablecoin and Industrial Digital Asset Seminar" held recently by the China Industrial Internet Research Institute was attended by relevant comrades from the Information Technology Development Department of the Ministry of Industry and Information Technology for guidance, and invited representatives from financial industry experts such as Guosen Securities Co., Ltd., SoftBank Asia Venture Capital, and Fosun Wealth International Holdings Ltd. The level and participants of this seminar demonstrate the government's high attention to stablecoins and industrial digital assets.

At the same time, the news that "China wants to introduce stablecoins in cross-border e-commerce?" has attracted market attention. The China Service Trade Association and the China Cross-Border E-Commerce 50 Forum announced that a senior training course on "Stablecoin and Innovative Development in Cross-Border E-Commerce" will be held in August 2025. This training, aimed at key e-commerce players, will cover the concepts of stablecoins, application scenarios, risk management, and compliance points. This indicates that the official choice of a "strict management domestically and exploration abroad" route, as China continues to block stablecoin licenses domestically while researching the benefits of stablecoins in cross-border settlements through controlled channels, is preparing for potential practical implementations in the future.

Hong Kong Becomes a Stablecoin Springboard: Businesses See Significant Incentives

The Hong Kong "Stablecoin Ordinance" will come into effect on August 1, 2025, requiring issuers to obtain permission from the Hong Kong Monetary Authority and comply with reserve, segregated account, and anti-money laundering regulations. This system provides a "firewall" for Chinese companies: they can test stablecoins in a compliant environment without directly crossing the red line. E-commerce giant JD.com is applying for a license through Hong Kong, aiming to reduce cross-border payment costs by 90% and shorten settlement time to 10 seconds, demonstrating that companies have seen significant incentives to reduce transaction fees and improve cash flow speed.

The considerations behind promoting stablecoins are primarily the internationalization of the renminbi. Dollar stablecoins have already taken the lead in international trade, and to expand the circulation of the renminbi, tools that can compete with products like USDT are needed. Offshore renminbi stablecoins are one of the options. The traditional SWIFT process is lengthy and costly, while blockchain can complete settlements in seconds. For cross-border e-commerce sellers, the speed of fund repatriation and control of exchange loss are key factors affecting gross profit.

Chinese banking news indicates that Chinese think tanks have called for the issuance of stablecoins, and the Economic Times also reveals that China's tech giants are actively lobbying the government.

Financial Defense Line: Cautious Exploration and Risk Containment

The official ban on Crypto Assets has not loosened, and there are frequent warnings about fraud risks. Hong Kong, on the other hand, has taken on the role of a regulatory sandbox. Hong Kong's licensing system has stringent requirements for reserve disclosure, AML, and fund segregation, allowing businesses to innovate in a manageable risk environment and accumulate practical experience for China.

Overall, China did not turn to this out of "urgency," but rather used Hong Kong as a forefront, opening controlled pilot programs through training courses to reduce cross-border payment costs, strengthen the internationalization of the renminbi, and contain the risks of payment-type stablecoins coming from the U.S. within a "controllable range."

The China Industrial Internet Research Institute held a seminar on stablecoins and industrial digital assets, and the Service Trade Association launched a senior training course, both indicating that China's strategy in the stablecoin sector is shifting from strict prohibition to cautious exploration. Through Hong Kong as a pilot, China is attempting to research the potential of stablecoins in cross-border payments and the internationalization of the renminbi without crossing domestic red lines. This "trial" action will be key to observing the future direction of China's crypto assets policy.