China's encryption "warm-up" moment? The roadmap for the renminbi stablecoin may ignite the "Made in China" Token market.

The Chinese government is considering formulating a roadmap to promote the development of the RMB stablecoin, a move that may trigger a new round of "China narrative"行情 in the global crypto market. As Hong Kong accelerates the implementation of digital asset regulation and the demand for crypto payments and Wallets in the Asian market surges, investors are closely following the trends of “Made in China” Tokens such as TRX, OKB, and VET.

Renminbi stablecoin: A new tool to challenge the dominance of the US dollar?

Currently, over 99% of stablecoins are pegged to the US dollar, and this “dollar hegemony” has long attracted China's attention.

Strategic goal: Promote the internationalization of the Renminbi through Renminbi-supported stablecoins.

International Background: At the Shanghai Cooperation Organization summit, countries such as China, India, and Russia pledged to settle more transactions in their local currencies.

Potential impact: If implemented, the renminbi stablecoin will compete positively with the US dollar stablecoin in cross-border trade, digital payments, and capital flows.

Hong Kong takes the lead, while mainland China observes

Although mainland China has banned cryptocurrency trading and mining, Hong Kong has issued new regulations allowing licensed companies to issue stablecoins pegged to fiat currency.

Regulatory threshold: The Hong Kong Monetary Authority (HKMA) will issue licenses in the first round next year only to a “few” applicants.

Market Size: Hong Kong is targeting the global digital asset market valued at $3.8 trillion.

Strategic significance: Hong Kong can serve as an international testing ground for the renminbi stablecoin, paving the way for future policy easing on the mainland.

“Made in China” Token may become the biggest beneficiary

According to CoinGecko data, the market value of the “Made in China” encryption cryptocurrency category reaches 39.57 billion USD, with a 24-hour trading volume exceeding 1 billion USD.

Leading Tokens: TRON, OKB, VET

Historical Trend: From December 2024 to August 2025, there were multiple surges due to rumors of “China's crypto ban lifting.”

Trader Strategy: Follow the correlation between Chinese policy news and the prices of leading tokens to prepare in advance.

Stablecoin Trading Heat: Data Over Bans

Despite the ban, Chinese traders still bought $18.6 billion and sold $3.6 billion of stablecoins in 2024, primarily concentrated on large centralized exchanges like Binance.

Market interpretation: Demand truly exists, and once policies loosen, funds may quickly flow into compliant channels.

Potential catalysts: The launch of the Renminbi stablecoin may directly change the trading structure of stablecoins in Asia.

Expert Opinion: Asia's Crypto Adoption Enters Acceleration Phase

Expert Jamie Elkaleh stated:

Cross-border payment and loyalty integration: China National Airlines' partner Wetour plans to accept XRP payments on overseas platforms, reflecting that cross-border enterprises are actively adopting blockchain settlement.

Wallet demand explodes: The proportion of Asian users entering the crypto world through wallets continues to rise, driven by factors such as remittances, DeFi yields, and e-commerce/game integration.

High growth markets: Singapore and Hong Kong attract institutions and retail due to clear regulations; India and Southeast Asia are expanding rapidly due to population and application scenarios.

Growth forecast: By 2030, the user base of crypto wallets in Asia is expected to grow at a CAGR of 25-30%.

Conclusion

China's attitude towards cryptocurrencies and stablecoins is shifting from “frozen” to “watchful warm-up.” If the roadmap for the renminbi stablecoin is implemented, it will not only challenge the US dollar's monopoly in the stablecoin market but may also ignite a new round of market activity for “Made in China” tokens. For investors, this is a game intertwined with policies and market narratives, and early positioning may determine the leaders of the next bull market.