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China Considers Yuan-Backed Stablecoins Amid US Regulatory Advances
China Considers Yuan-Backed Stablecoins Amid US Regulatory Advances
20
3
BTCCSquare news:
China is exploring the launch of yuan-pegged stablecoins as part of a strategic pivot to internationalize its currency, signaling a reversal from its 2021 crypto ban. The State Council may approve a roadmap later this month, coinciding with the Shanghai Cooperation Organisation Summit in Tianjin.
The MOVE follows the US Congress passing the GENIUS Act in July, which established a regulatory framework for dollar stablecoins. Stanford professor Zhiguo He describes China's urgency as a reaction to dollar-backed stablecoins controlling 99% of the global market—a dominance reinforced by former President Trump's pro-crypto stance.
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