What signal has the Shanghai State-owned Assets Supervision and Administration Commission sent by collectively studying encryption currency and stablecoins?

As of July 11, 2025, the latest developments in the stablecoin sector in Shanghai can be expected to be "the policy direction has shifted, the pilot framework has emerged, the scenario is locked in 'cross-border + supply chain', and state-owned enterprises are leading the way."
Brothers, do you remember the past? It was a direct cut, and now? Have you started researching it? What signal has been released?
A few days ago at a meeting, how did He Qing, Secretary of the Shanghai State-owned Assets Supervision and Administration Commission, say? "Strengthen research and exploration on digital currencies, including stablecoins," and emphasized, "Adhere to the integration of production and data, and explore the application of blockchain technology in areas such as cross-border trade, supply chain finance, and asset digitization."
Oh my, there are sixty or seventy officials and experts present, all from the public sector. What does this level of attendance represent? The direction of the wind has changed.
From outright rejection and prohibition of the cryptocurrency sector to now starting to embrace change and research, this position has undergone a significant shift. It really is better to open up than to block.
Uncle Three heard, it's a rumor, that Shanghai plans to implement some "Shanghai Stablecoin Pilot Management Measures" within the year. The content includes licensing requirements for the entities issuing stablecoins, such as whether they have sufficient funds, if they can comply with the law, and whether they can prevent money laundering. They will also build a digital asset trading platform at that time.
According to Li Mingliang from Guotai Junan, the United States has the "GENIUS Act" to promote the deep integration of stablecoins with the dollar system, and the European Union also has the "MiCA Regulation" which requires stablecoin issuers to be licensed financial institutions. The Hong Kong "Stablecoin Ordinance" will also take effect on August 1, providing some references for our exploration of stablecoins in Shanghai.
By the way, I won't say much about why we need stablecoins in this article. This thing is a good thing. I really hope our country can develop stablecoins because although Tether's USDT has been widely used, it is mixed with too much dirty money.
Although Shanghai is trying to find innovative breakthroughs within the policy framework this time, the national team's encryption currency ban has not been touched, and the central bank still maintains a conservative policy. It is unlikely that the trading policy for encryption currency will change in the short term, and we can only do some research for now. In case it gets lifted one day, we won't be completely in the dark.
After all, once it is open, regulation becomes very difficult, and many people use stablecoins to illegally transfer domestic capital abroad.
According to San Shu's guess, the usage scenario in Shanghai relies on the Shanghai Port, so if so many settlements were to use stablecoins, that would be something! And let's not forget, Shanghai is the financial center of the mainland. #BTC# #ETH# #PI# #PIJS#