People's Bank of China (PBOC) intensifies stable coin crackdown
On Nov 28, 2025 the $BNB PBOC convened a multi-agency meeting reaffirming that #BinanceBlockchainWeek stable coins are not legal tender in China and flagged them as prone to illicit finance — such as money-laundering, fraud, and “illegal cross-border fund transfers.”
The meeting results have been interpreted as a firm “source cut” of crypto-fiat channels inside China — meaning entities and traders using #WriteToEarnUpgrade stable coin's (e.g. $BTC USDT) for currency-exchange or cross-border transfer might be forced out, or forced to rely on “gray”/OTC channels — increasing risk and volatility.
