China bans unapproved yuan stablecoins on Feb 6, 2026, as e-CNY gains deposit status

On February 6, 2026, the People's Bank of China and seven agencies barred unauthorized RMB-pegged stablecoins and extended liability to firms that assist such projects. Earlier, on January 1, 2026, e-CNY was reclassified as digital deposit money, and in January 2026 banks were permitted to pay interest on verified wallets, aligning the state token with deposit protections.