China’s State Council Report Vows Stronger RWA Tokenization Oversight

The signal here is that RWA tokenization has graduated from fintech curiosity to an explicit item on the State Council's financial-stability agenda, sitting alongside underground banking and mining in the same enforcement paragraph — a framing that treats tokenized assets as a supervisory problem first and an innovation second. The digital yuan's repositioning from cash toward deposit money is the quieter but structurally larger piece, since it reshapes how the central bank thinks about money layers, and tokenized assets will likely be judged against that framework. Whether the PBOC's approach converges with the offshore RWA market or hardens into a separate domestic track is the open question worth watching.