PBOC Launches e-CNY Settlement Network as China Bans Private Stablecoins
China’s central bank is systematically eliminating private stablecoins domestically while simultaneously launching CBETS, a blockchain settlement platform that ties 26 global financial institutions directly to the digital yuan. The strategy neutralizes stablecoins’ competitive advantages through regulatory bans and interest-bearing e-CNY wallets, positioning Beijing’s digital currency as the preferred cross-border payment rail.









