A significant development has arrived for the digital currency sector. The People's Bank of China has introduced the "Action Plan on Further Strengthening the Digital Yuan Management Service System and Related Financial Infrastructure." A new generation framework for the digital yuan, encompassing its measurement standards, management system, operational mechanisms, and ecosystem, is scheduled for official implementation starting January 1, 2026.
Following this announcement, digital currency concept stocks experienced a sharp upward movement. In just three minutes, Yuyuan Shares rocketed straight to the daily limit-up, while *ST Tianyu surged over 10%. Stocks including Lakala, Sinodata, Yingshi Sheng, Zhongyi Technology, and Newcapec Technology all charged higher.
The positive momentum for digital currency was further fueled by an article published by Lu Lei, a Deputy Governor of the People's Bank of China. He stated that as the practical demand for the development and application of digital currency in the economy and society continues to rise, central banks worldwide promoting digital currencies face four common theoretical and practical challenges. The article specifically outlined challenges including modern digital payment tools' impact on central bank monetary regulation, risks of financial disintermediation from digital cash development, the nature of digital cash as a central bank liability versus commercial bank responsibilities, and reconciling the "centralized" management of bank accounts with the "decentralized" characteristics of blockchain technology.
Subsequently, it was reported that the PBOC has officially rolled out the action plan, with the new digital yuan framework set to go live on January 1, 2026. Data shows that as of the end of November 2025, the digital yuan had cumulatively processed 3.48 billion transactions, totaling 167 trillion yuan in value. Personal wallets opened via the digital yuan app reached 230 million, with 18.84 million corporate wallets established. The multi-central bank digital currency bridge (mBridge) handled 4,047 cross-border payment transactions, amounting to approximately 387.2 billion yuan equivalent, with the digital yuan accounting for about 95.3% of the transaction value across all currencies.
The digital currency sector collectively moved. Yuyuan Shares hit the limit-up, VeriSilicon Microelectronics, Hainan Huatie, Lakala, Donggang Co., Ltd., and others saw collective gains, while *ST Tianyu rose over 10%. The overall increase for digital currency concept stocks approached 1%, significantly outperforming the broader market.
This trend is gaining momentum. Last week, the PBOC and seven other ministries issued an opinion on financial support for accelerating the construction of the New Western Land-Sea Corridor. The document proposed exploring international cooperation in digital finance, supporting provinces along the corridor to participate in the mBridge project, and promoting the use of central bank digital currencies for cross-border payments with Thailand, Hong Kong China, the UAE, and Saudi Arabia. It also supports exploring a digital yuan cross-border payment pilot between mainland China and Singapore.
Forecast data suggests a massive potential market for cross-border payments. By calculating "global cross-border payment volume × Renminbi share × digital currency penetration rate," projections for 2030 indicate a global cross-border payment volume of $290 trillion. Assuming a Renminbi share of 10%-20% and a digital currency penetration rate of 20%-40%, this corresponds to a market ranging from 40.6 trillion to 162.4 trillion yuan.
Furthermore, data from Qichacha shows that as of December 25, 2025, China had registered 74,600 new blockchain-related enterprises this year, setting a new record for registrations in the past five years. Regionally, South China accounted for the most new registrations at 32.5%. In terms of existing enterprises, the number of blockchain-related companies in China has steadily increased over the past decade, with growth accelerating since 2019. As of December 25, there are 289,400 existing blockchain-related enterprises in China.
The Digital Economy team at Northeast Securities believes that the digital yuan has evolved from a mere payment tool into a strategic vehicle integrating "finance-technology-data" into a trinity. The essential significance of developing the digital yuan is to convert trade efficiency into a strategic advantage through blockchain technology, with its development pace deeply intertwined with the core interests of national competition.
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