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Stablecoin Showdown: Six Rising Stars Enter the Fray, Will the Market Structure Shift?
Original Article Title: "Rise of New Factions in the Stablecoin World: How Six Projects Are Impacting the Market Landscape"
Original Article Author: Ethan, Odaily Planet Daily
Stablecoins, as a cornerstone of the cryptocurrency market, not only serve as a medium of exchange with price stability but also play a key role in DeFi, cross-border payments, asset management, and other fields. Between 2024 and 2025, the cryptocurrency market saw the emergence of a group of new stablecoin projects that quickly became the focus of the market due to their differentiated technical architectures and precise business positioning.
This article from Odaily Planet Daily focuses on six highly anticipated new stablecoin projects: Ripple's RLUSD, WLFI's USD 1, Usual's USD 0, Ethena's USDe, SKY's USDS, and PayPal's PYUSD. It conducts an in-depth analysis from dimensions such as launch background, core technology, market performance, revenue model, user participation opportunities, etc., comprehensively decoding their market positioning and development potential, providing readers with a clear industry change observation guide.
1. Ripple RLUSD
In April 2024, Ripple officially announced the launch of the stablecoin RLUSD pegged to the US dollar at a 1:1 ratio, marking a key step in the stablecoin race. Its reserve assets consist of US dollar deposits, US Treasury short-term bonds, and cash equivalents, providing a solid safeguard for price stability. In August of the same year, RLUSD first began testing on the XRP Ledger and the Ethereum mainnet, then expanded its support to Chainlink's The Root Network, establishing a tri-chain parallel structure to support cross-chain and bridging operations, greatly enhancing asset circulation flexibility.
On December 17, 2024, RLUSD received authoritative approval from the New York Department of Financial Services (NYDFS) and officially landed on global trading platforms such as Uphold, Bitso, and MoonPay, marking a major breakthrough in its compliance process. Moving into 2025, RLUSD's application scenarios continued to expand: in January, it was integrated into Ripple Payments, empowering real-time cross-border payment business; in April, Aave V3 Ethereum market provided support, successfully entering the DeFi field, further expanding its user base and market influence.
Standard Chartered Bank predicts that the stablecoin market size will reach $20 trillion by 2028, and the launch of RLUSD is Ripple's strategic layout in this blue ocean market. On one hand, RLUSD helps Ripple consolidate its competitiveness in the global cross-border payment market, meeting the liquidity needs of the XRP ecosystem; on the other hand, RLUSD aligns closely with Ripple's core business, serving as an ideal tool for enterprise clients in cross-border payments by providing instant settlement services and reducing foreign exchange rate risks.
Ripple has a significant advantage in the promotion of RLUSD, with its global payment network covering over 90 markets, processing over 90% of the daily forex trading volume; regulatory qualifications such as NYDFS approval, and collaboration experience with global exchanges like Bitstamp, Kraken, establishing a high market entry barrier. In terms of market positioning, RLUSD focuses on B2B payment scenarios, serving financial institutions and corporate clients, while leveraging DeFi platforms like Aave to extend its reach to retail investors and the DeFi market, aiming to capture more share in the rapidly growing stablecoin market.
Classification
· Mechanism: Non-algorithmic, backed by traditional financial asset reserves, emphasizes compliance and transparency, with monthly reserve reports published by third-party audit firms (e.g., BPM).
· Profitability: RLUSD itself does not offer direct returns, but users can participate in lending through DeFi protocols (such as Aave) to earn yield.
Market Data and Performance
As of now, the total market capitalization and circulating supply of RLUSD are around 317 million tokens each (due to slight discrepancies in data across platforms), with a 24-hour trading volume of approximately $23 million, demonstrating active market liquidity. From on-chain data, RLUSD is most concentrated on the Ethereum chain, with a supply of around 250 million tokens held by 2,401 addresses, and the top 100 wallets holding 99.93% of the supply, showing highly concentrated distribution.
After RLUSD's launch on the Ethereum mainnet's Aave V3 market, supporting lending functionality with a supply cap of 50 million tokens and a borrowing cap of 5 million tokens, the market received a warm response. Within the first 4 days of launch, the deposit volume exceeded $76 million. Despite fluctuations in market conditions, the deposit volume currently stands at $67.13 million, maintaining a high level and continuing to provide stable liquidity support to the market.
User Participation Opportunities
Currently, RLUSD has not yet introduced direct liquidity mining or staking reward mechanisms. Users looking to earn returns can deposit RLUSD into the Aave V3 market on the Ethereum mainnet, participate in lending activities, with the annualized yield adjusting dynamically based on market conditions; additionally, users can also trade RLUSD on platforms such as Curve, Kraken, in pairs with other stablecoins (e.g., RLUSD/USDC), to engage in market trading and earn potential returns.
2. WLFI USD1
On March 25, 2025, World Liberty Financial (WLFI) officially launched the USD 1 stablecoin. The stablecoin claims to have received support from Donald Trump, adopts a 1:1 mechanism pegged to the US dollar, and is backed by a 100% reserve of US short-term treasuries, USD deposits, and other cash equivalents. USD 1 initially chose to launch on the Ethereum and Binance Smart Chain (BSC) and plans to expand to more blockchain networks in the future. In terms of asset security and transparency, its reserves are institutionally custodied by BitGo, regularly audited by third-party accounting firms, and introduces Chainlink's Proof of Reserves (PoR) mechanism to ensure public verifiability of asset status.
WLFI's core business focuses on digital asset financial services, aiming to build a seamless bridge for users to engage in cross-border transactions and DeFi. The launch of USD 1 is intended to break down the barriers between TradFi and DeFi. On one hand, leveraging Trump's influence to attract investors' attention to related projects, and on the other hand, enhancing its own political and commercial influence in the crypto market, attempting to establish a presence in the competitive stablecoin market through brand advantage and compliant operations.
The issuance of USD 1 and its association with the Trump family have created a unique branding effect, bringing high market attention. This advantage has not only attracted a large number of retail investors but also sparked interest among institutional clients, becoming a key driver for its market expansion.
Classification
· Type: Fiat-pegged.
· Mechanism: Non-algorithmic, relies on traditional financial assets, emphasizes institutional custody (such as BitGo).
Market Data and Performance
On April 12, 2025, WLFI announced a USD 1 airdrop proposal for early supporters, triggering a strong market response. Despite USD 1 not being officially listed yet, its 24-hour trading volume on both the Binance Smart Chain (BSC) and Ethereum platforms quickly rose to nearly $44 million. On April 16, leading crypto market maker DWF Labs announced a $25 million investment in WLFI and pledged to provide liquidity support for USD 1. This investment significantly boosted the market credibility of USD 1, especially on DEX PancakeSwap (BSC), where the activity of USD 1 trading pairs like BSC-USD notably increased.
As of now, the total market capitalization of USD 1 token has reached 127 million USD, with a circulating supply equal to the market size, also at 127 million tokens. On-chain data shows that on the BSC chain, the total supply of USD 1 is 113,479,585 tokens, with 1,812 holders, accounting for 88.97% of the on-chain token market value; whereas on the Ethereum chain, the total supply of USD 1 is only 14,491,580 tokens, held by only 322 people, indicating a significantly lower circulation scale and user participation on the Ethereum chain.
User Participation Opportunities
Users can engage in trading through DEXes (such as PancakeSwap) or await more DeFi protocol integrations. Additionally, users are advised to follow the official WLFI X account (@worldlibertyfi) to stay updated on the latest news, airdrop plans, listing schedules, and other important announcements related to USD 1, ensuring timely access to project developments.
3. Usual USD0
The USD0 launched by Usual Labs is positioned as an income-bearing stablecoin, pegged 1:1 to the US Dollar. The core feature of this project is the use of RWA as collateral, particularly short-term US Treasury bonds or other low-risk assets, to ensure the stability of USD0. Through this approach, USD 0 can circulate within the DeFi ecosystem while providing users with a low-risk, predictable stablecoin option.
Currently, USD 0 is primarily issued and circulated on multiple blockchain platforms such as Ethereum, BNB Chain, Base, and others. The project offers a simple collateral mechanism where users can mint USD 0 by collateralizing USDC or other stable assets, thereby providing liquidity to the DeFi market. Additionally, Usual has introduced USD 0++, a special bond-type stablecoin (based on USD 0's LST, similar to Lido's stETH). USD 0++ offers approximately 4% annualized return by locking up 4-year US Treasury bond assets and supports liquidity mining and lending on platforms like Uniswap V3, Curve Finance, and others.
Usual Labs launched USD0 to address the market's need for high-quality and diverse stablecoins, especially in the DeFi sector. Through a deep integration of RWA with DeFi protocols, USD0 aims to increase the Total Value Locked (TVL) and enhance user participation. In the DeFi ecosystem, the high liquidity and price stability of stablecoins are crucial. However, traditional fiat-pegged stablecoins like USDT and USDC are mostly managed by centralized institutions, facing regulatory uncertainties and trust risks. In contrast, USD0, with its decentralized nature, provides a more attractive option for DeFi users.
In December 2024, Usual Labs partnered with Ethana and announced the integration of USDtb and sUSDe into their future core business strategy. Both parties plan to accept USDtb as collateral and gradually transition a portion of the USD 0-backed assets to USDtb, with Usual Labs also planning to become a major holder of USDtb.
Classification
· Type: RWA-backed, reserves include short-term government bonds, and a portion of Ethana's USDtb.
· Mechanism: Non-algorithmic, relying on RWA and USDtb assets.
Market Data and Performance
On January 9, 2025, Usual Labs suddenly announced a significant adjustment to the redemption mechanism of USD0++, lowering the original 1:1 fixed exchange rate to as low as 0.87 USD 0. This move quickly triggered market turmoil, causing the market price of USD0++ to plummet to 0.89 US dollars, significantly deviating from the peg to the US dollar. As many DeFi protocols had previously considered USD0 and USD0++ as equivalent assets, this adjustment directly caused widespread market confusion, leading to escalating user dissatisfaction.
Going back to early 2025, the market capitalization of USD0 had surged to a historical peak of around 1.9 billion US dollars. However, in the two months following the adjustment to the redemption mechanism, its market capitalization evaporated by approximately 1.2 billion US dollars, sharply dropping to around 662 million US dollars, severely denting market confidence in the protocol.
In response to the questioning, Usual Labs stated that this adjustment was part of a predetermined strategy aimed at repositioning USD0++ as a zero-coupon bond-like product, distinguishing it from traditional stablecoins. However, due to a lack of advance notice and adequate transparent communication, many users were unable to prepare in advance, leading to a crisis of trust and significantly reducing liquidity in the USD0 ecosystem.
Related Articles:
· "USD 0++ Continues to 'Depeg,' Should You Hold or Run?"
· "In-Depth Analysis of Usual: The 'Tricks' Behind USD 0++'s Depeg and Circular Loan Liquidations"
Also recommended is an anchor-off memoir of the stablecoin sUSD titled "Synthetix Introduces Remediation Measures Again, Can sUSD Reanchor?".
User Engagement Opportunities
Users can participate by staking USD0 to receive USD0++, earning a 50% annual percentage yield (Risk Warning: USUAL token rewards are tied to TVL). Alternatively, they can provide liquidity on protocols such as Uniswap to earn rewards.
4. Ethena USDe
USDe, launched by Ethena, is an innovative stablecoin. Its collateral assets include not only ETH, BTC, and other cryptocurrencies but also Real World Assets (RWA) like BUIDL, maintaining its value stability through a diversified asset portfolio. Unlike stablecoins pegged to traditional fiat currencies, USDe is collateralized by crypto assets. Leveraging smart contracts and algorithmic mechanisms, it can automatically adjust collateral ratios based on market fluctuations to ensure price stability. This unique design gives it greater flexibility and transparency in the DeFi ecosystem. USDe is issued and managed by Ethena Labs, a team with extensive experience in blockchain and DeFi, and mainly circulates on major blockchains such as Ethereum. Users can mint USDe by staking assets such as ETH, BTC, and USDC.
Ethena's launch of USDe aims to create a native trading and lending solution for the DeFi space, building a high-yield, decentralized stablecoin ecosystem and breaking away from traditional stablecoins' reliance on the banking system. In this process, Ethena has partnered with financial giant BlackRock to introduce RWA support, providing USDe with a solid institutional asset backing. Additionally, through deep integrations with protocols like Aave and Morpho, USDe's liquidity has been significantly enhanced. By employing a LayerZero cross-chain strategy, the ecosystem coverage has been further expanded. USDe targets DeFi native users and institutional investors, focusing on core scenarios such as lending, trading, and yield generation.
Categories
· Type: Synthetic USD-pegged stablecoin, combining crypto assets (such as ETH) and RWA (such as BUIDL) anchoring.
· Mechanism: A combination of algorithm and yield, generating income through futures arbitrage and staking to maintain USD peg.
Market Data and Performance
USDe employs a delta-neutral strategy to maintain price stability. Specifically, this strategy uses ETH as collateral while simultaneously opening equivalent short positions perpetual futures contracts on derivative trading platforms. With this strategy, USDe can offer users an annual percentage yield (APY) of over 25%, attracting the attention and participation of many DeFi users due to its generous returns. This has made USDe the fastest-growing asset on Aave, with borrowing and staking demands far surpassing traditional stablecoins such as USDT and USDC. Furthermore, within the Ethena protocol ecosystem, USDe generated fees of up to $200 million in 2024, with a portion of these fees being distributed to ENA token holders. This initiative has not only increased user stickiness to the protocol but has also driven a significant surge in the ENA token price.
The market situation is ever-changing, and the total market value of USDe has also been somewhat affected, slipping from its peak of $5.9 billion in March of this year. However, even so, the current total market value of USDe still stands at $4.7 billion. With its high-yield characteristics and the endorsement of financial giant BlackRock, USDe has successfully attracted widespread market attention, surpassing SKY's USDS launched in the stablecoin market and claiming the third position in the stablecoin market.
User Participation Opportunities
Users can stake USDe on the Ethena platform to receive approximately 27% annual percentage yield (APY) in sUSDe, achieving asset appreciation; or choose to leverage arbitrage opportunities in DeFi protocols such as Aave, Morpho, etc., to exploit the interest rate spread and earn returns. It is recommended to closely monitor market dynamics, assess risks carefully, and then proceed with operations.
5. SKY USDS (Formerly Maker DAI Upgrade)
The USDS launched by Sky is derived from the original MakerDAO protocol, adopting a 1:1 peg to the dollar mechanism, with ETH and other cryptocurrencies as the main collateral, positioning itself as a decentralized stablecoin with a soft peg to the dollar. As the successor to MakerDAO, Sky has comprehensively restructured and upgraded the original system, launching USDS and SKY as two native tokens, respectively serving as the stablecoin and ecosystem governance token.
Sky introduces USDS to consolidate its leading position in the DeFi field, create a fully decentralized stablecoin solution, and continue the successful genes of MakerDAO. USDS is deeply integrated into Sky's core business, providing support for decentralized lending and payment scenarios, and serving as an important part of the governance system, becoming a trusted value store and medium of exchange for DeFi users. Sky has significant resource advantages: on the one hand, it inherits MakerDAO's long-term decentralized governance experience, and on the other hand, it integrates extensively with mainstream DeFi protocols such as Aave, Compound, etc. In addition, through the governance token SKY, Sky has established a community-driven model to incentivize users to actively participate in ecosystem development.
In terms of yield mechanism, USDS provides users with a 6.25% annual percentage yield through the Sky Protocol. Although this yield is lower than that of USDe, its more stable yield performance continues to attract a user base seeking stable returns.
Classification
· Type: Cryptocurrency Asset-Backed, reserves include Ethereum, USDC, and other assets.
· Mechanism: Combination of algorithmic and collateralized, maintained through over-collateralization and dynamic stability fees pegged to the asset.
Market Data and Performance
· Total Value Locked (TVL): According to Defillama, the current TVL of the token is approximately $42.2 billion.
· Supported Blockchains: Primarily Ethereum, with integrations on Base, Solana, and Arbitrum.
· Circulating Supply: USDS has a relatively low circulating supply, with a 24-hour trading volume of $2.78 million, showing a significant contrast to its TVL.
User Participation Opportunities
Users can deposit USDS into the Sky Protocol to earn approximately a 6.25% Annual Percentage Yield (APY) and additional SKY token rewards. Users can also choose to participate in lending operations on platforms like Aave to earn profits. It is important to note that since USDS is primarily collateralized by cryptocurrency assets, market price fluctuations may affect the collateral's value and, consequently, the stability of returns. Users are advised to thoroughly assess risks before engaging in such operations.
6. PayPal PYUSD
PayPal USD (PYUSD) is a US dollar stablecoin launched by PayPal in August 2023, pegged 1:1 to the US dollar and fully backed by USD deposits, short-term US Treasury bonds, and cash equivalents. This stablecoin is issued by Paxos Trust Company and is issued on the Ethereum and Solana blockchains. Users can conveniently buy, sell, hold, and transfer PYUSD through the PayPal application, catering to use cases such as peer-to-peer payments, online shopping settlements, and cryptocurrency conversions.
In April 2025, PayPal introduced the PYUSD Savings Plan for US users, offering a 3.7% Annual Percentage Yield (APY). By simply depositing PYUSD into their PayPal or Venmo wallets, users can receive interest rewards in PYUSD, which can be flexibly used for everyday payments, fiat currency exchanges, or other cryptocurrencies. This move further promotes the mainstream adoption of PYUSD in the payment ecosystem.
PayPal's launch of PYUSD aims to expand its global payment ecosystem into the cryptocurrency realm, optimizing users' payment and transfer experiences in the digital asset space through the stablecoin's characteristics. As an extension of PayPal's core online payment and cross-border money transfer business, PYUSD is committed to deeply integrating cryptocurrency into the existing payment network to enhance user engagement and platform transaction volume. Leveraging its base of over 400 million global users, mature payment infrastructure, and close collaboration with Paxos, PayPal has established a solid foundation for PYUSD's development while ensuring regulatory compliance and asset security. Its target markets include retail payment users and Web2 enterprises, attracting traditional finance sector users with low-risk returns while gradually penetrating the DeFi space to reach the native crypto user base.
Classification
· Type: Fiat Pegged, 1:1 pegged to the US Dollar, reserves held in short-term government bonds and USD deposits.
· Mechanism: Non-algorithmic, relies on Paxos' custody and regulation.
Market Data and Performance
Benefiting from PayPal's strong brand influence, PYUSD has successfully attracted many traditional financial users. However, compared to the average yield in the DeFi market, PYUSD's yield level is significantly lower, making its competitiveness in the DeFi field relatively weak. Looking back at its market performance, PYUSD reached a historical peak of about $1 billion in August 2024, but was later affected by cryptocurrency market fluctuations, gradually falling to around $880 million, currently ranking ninth in the overall stablecoin market.
From a technical architecture perspective, PYUSD is mainly deployed on the Ethereum and Berachain blockchains, followed by Solana, supporting cross-chain payment functionality to enhance asset liquidity. However, according to CoinMarketCap data, its 24-hour trading volume is only $13.93 million, with a trading volume to market cap ratio of 1.66%, reflecting that PYUSD's market circulation activity is still at a relatively low level.
User Participation Opportunities
Users have two profit paths: on one hand, they can participate in the deposit plan launched by PayPal, depositing PYUSD to earn an annualized interest rate of about 3.7% (APY), a very user-friendly yield model for traditional financial users; on the other hand, they can also engage in PYUSD trading within the Solana ecosystem's DeFi protocols (such as Saber), capturing market opportunities through buying, selling, and exchanging.
Conclusion
Overall, these six stablecoins differ in target market, yield model, collateral assets, and market performance. In the volatile cryptocurrency sea of stablecoins, some rely on traditional brand advantages, while others depend on innovative collateral models or yield strategies. However, the market is ever-changing, and no stablecoin can rest easy. In the future, stablecoins that can balance returns and risks, continuously optimize product mechanisms, enhance user experience, and strengthen market expansion are more likely to stand out in this competition, leading the development trend of the stablecoin market.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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