China Accelerates Digital Yuan Globalization Amid Stablecoin Expansion

China is making a strategic push to internationalize its digital yuan, with the People’s Bank of China (PBOC) unveiling plans for a Shanghai-based global operations hub. Governor Pan Gongsheng’s announcement at the Lujiazui Forum signals Beijing’s ambition to position the e-CNY as a cornerstone of cross-border finance, even as domestic adoption lags behind technical development.

The MOVE coincides with JD.com’s reported interest in stablecoin licenses, highlighting how both state-backed and private digital assets are converging to reshape global payments. Pan acknowledged blockchain and stablecoins are compressing settlement times, though he cautioned about regulatory risks as DeFi protocols gain traction.

This dual-track approach—advancing a CBDC while monitoring private sector innovations—comes as U.S. lawmakers debate stablecoin legislation, creating a competitive race to define the next era of monetary infrastructure.