China adds 26 banks to yuan, urges stablecoin oversight

China has expanded the international network for its digital yuan, adding 26 financial institutions to a key cross-border payment platform while simultaneously calling for tighter global oversight of privately issued stablecoins. The dual-track announcements, made this week at the Lujiazui Forum in Shanghai, underscore Beijing's strategy of promoting state-controlled digital currency infrastructure while maintaining strict regulatory scrutiny over private digital assets.

The agreements for the digital yuan platform, known as the Cross-border e-CNY Transfer Services (CBETS), were signed on Tuesday, June 16, 2026. The platform, managed by the People's Bank of China (PBOC), offers round-the-clock digital payment links with foreign central banks and overseas financial institutions. The participating institutions include Standard Chartered Bank China and overseas branches of Chinese banks operating in countries such as Thailand, Singapore, Laos, the United Arab Emirates, Qatar, Brazil, Hong Kong, and Macao.

Officials and bank executives highlighted the platform's potential to enhance the international use of the yuan. The CEO of Standard Chartered China stated that an efficient and...