Let me explain why there is opposition to Crypto Assets and stablecoin in China.

Stablecoins are the easiest to understand; they are like the silver notes of ancient Chinese silver banks. With silver notes, you can exchange for silver.
USDT is the internet banknote issued by the Federal Reserve.
The lethality of this thing mainly targets the globally weak financial small countries, where inflation rates are generally shockingly high. Zimbabwe 300%, Argentina 150%, Venezuela 250%.
Assuming you are a citizen of these countries, and your money is depreciating at a rate of halving each year, if a stablecoin pegged to US Treasury bonds comes out, would you choose to hold your national currency or the stablecoin? Without a doubt, it would definitely be the stablecoin. No matter how high the risks of US Treasury bonds or how fast inflation is, they are still much stronger compared to the currencies of these smaller countries, right?
Countries like Argentina, Turkey, Venezuela, Vietnam, Egypt, and many others have essentially seen their central banks rendered ineffective, with no power to control the penetration of USDT; the citizens vote with their feet by using USDT. In the future, once the central banks of these countries completely give up, what currency will be used for trade with these nations? Of course, it will still be USDT. USDT is bound to exhibit a diffusion phenomenon, which will spread to countries that do business with these smaller nations, similar to the diffusion path of the dollar in the Bretton Woods system after World War II.
The US move is really ruthless; the central banks of small countries have no other way out but to wait for death. Currently, 400 million people worldwide are using USDT, which has spread to over 30 countries, and the number of users is skyrocketing by 35 million every quarter.
If the Chinese regulatory authorities had not driven all exchanges and mining farms overseas in one fell swoop back then, but instead had established a regulatory body to promote healthy industry development, the RMB stablecoin would not only have reached the scale of today's USDT, but at least 50% of that scale would have been achievable.