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China Explores Yuan-Backed Stablecoins in Strategic Digital Currency Pivot
China Explores Yuan-Backed Stablecoins in Strategic Digital Currency Pivot
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BTCCSquare news:
China is preparing to authorize yuan-backed stablecoins for the first time, marking a dramatic shift from its previous anti-cryptocurrency stance. The move aims to expand the yuan's global influence amid growing pressure from U.S. dollar-pegged stablecoins. A State Council review later this month could establish guidelines for these digital assets, reversing China's 2021 ban on crypto trading and mining.
Senior Chinese leaders will convene to discuss currency internationalization and stablecoin strategy, focusing on operational boundaries and business applications. This comes as dollar-backed stablecoins dominate 99% of the global market, with the U.S. rapidly advancing regulatory frameworks under the TRUMP administration.
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