On July 10, #成长值抽奖赢iPhone17和周边 , the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting to conduct specialized study on the development trends and response strategies of Crypto Assets and stablecoin. In the same month, financial regulatory agencies in multiple regions intensively issued risk warnings related to stablecoin.

On August 1, the Hong Kong "Stablecoin Ordinance" officially took effect, providing a clear regulatory framework and licensing application path for stablecoin issuers. In the same month, foreign media cited sources stating that China is considering allowing the use of stablecoins backed by the renminbi for the first time to promote the broader use of the renminbi globally.

On October 27, Pan Gongsheng stated at the 2025 Financial Street Forum Annual Meeting that international financial organizations and financial management departments such as central banks generally hold a cautious attitude towards the development of stablecoins. Pan Gongsheng mentioned that at the annual meeting of the International Monetary Fund (IMF) and the World Bank, stablecoins and the potential financial risks they may pose became one of the most discussed topics among finance ministers and central bank governors. The prevailing view mainly focuses on the fact that stablecoins, as a form of financial activity, currently cannot effectively meet the basic requirements for customer identity verification, anti-money laundering, etc., amplifying the loopholes in global financial regulation, such as money laundering, illegal cross-border fund transfers, and terrorist financing. The atmosphere of market speculation and hype is strong, increasing the vulnerability of the global financial system and impacting the monetary sovereignty of some underdeveloped economies.