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China’s Tech Titans Launch Yuan-Backed Stablecoin to Disrupt USDT Dominance
China’s Tech Titans Launch Yuan-Backed Stablecoin to Disrupt USDT Dominance
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Beijing's blockchain brigade fires the opening salvo in the stablecoin wars.
Move over, Tether—Alibaba, Tencent, and JD.com are rolling out a yuan-pegged challenger. Because nothing says 'de-dollarization' like state-backed crypto with Chinese characteristics.
The play: Capture Asia's $2T digital payments market while regulators stateside keep playing whack-a-mole with crypto. Smart? Absolutely. Ironic? Completely—watching centralized giants 'decentralize' finance never gets old.
One problem: Good luck getting Western traders to ditch their beloved (if sketchy) USDT for CCP-approved stablecoins. But hey, at least the arbitrage bots will eat well.
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