China Extends Crypto Crackdown With Ban on Unapproved Offshore Yuan Stablecoins

China's central bank and seven other agencies have issued a joint notice prohibiting any domestic or foreign entity from issuing yuan-pegged stablecoins overseas without explicit approval. The measures, which also classify unauthorized offshore yuan token issuance as illegal financial activity, tighten control over capital flows and reinforce the primacy of the state-backed digital yuan over private stablecoins.