China has intensified its crackdown on stablecoins and cryptocurrencies, aiming to bolster the digital RMB and safeguard monetary sovereignty. The Chinese government views stablecoins, particularly those pegged to the US dollar, as threats to financial stability and potential facilitators of capital flight and illicit finance. This move underscores China's confidence in its robust mobile payment systems and the ongoing development of its central bank digital currency infrastructure. The decision to suppress stablecoins aligns with China's broader strategy to maintain control over its financial system and reduce reliance on foreign currencies. By accelerating the digital RMB, China seeks to enhance its monetary policy effectiveness and mitigate systemic risks associated with decentralized digital currencies.