China’s Central Bank Calls Stablecoins a ‘Threat,’ Vows Crackdown: Report

China’s central bank has issued one of its strongest warnings yet against stablecoins, calling them a threat to global financial stability and vowing to tighten its crackdown on domestic cryptocurrency activities. Speaking at the 2025 Financial Street Annual Meeting in Beijing, Pan Gongsheng, governor of the People’s Bank of China (PBoC), said that stablecoins, digital assets pegged to fiat currencies like the U.S. dollar, have created new vulnerabilities in the global financial system and could undermine ...