China Renews Crypto Crackdown on Stablecoins, RWA as BTC Hovers Near $80K

China's regulators have escalated their crackdown, targeting private cryptocurrencies, offshore yuan-pegged stablecoins, and RWA tokenization while fast-tracking the state digital yuan (e-CNY) to prevent parallel monetary systems. This builds on the PBoC's June 1, 2025, ban on possession, trading, and mining—after China once held 60-75% of global Bitcoin hashrate (2017-2020)—and February 2026 'Ban 2.0' notice closing offshore loopholes. Post-2021 mining migration to US, Kazakhstan, and UAE has reduced BTC dependence on China. May 14 reports highlight psychological pressure on Asian crypto projects, boosting dollar stablecoins amid BTC near $80,000.