🇨🇳 Update: A senior Chinese official calls for the launch of a stable coin backed by the yuan to counter the dominance of the dollar!

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🗣️ Li Yang – President of the National Finance and Development Institute in China – stated that stablecoins enhance the global dominance of the US dollar, posing a direct challenge to Chinese monetary sovereignty.

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💡 What is his solution?

– Launch a stable coin backed by the yuan (RMB Stablecoin)

– It will be developed and traded through Hong Kong to enhance regional and international adoption

– It will be used as a tool to counter the rapid expansion of the dollar through stablecoins like $USDT and $USDC

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📊 Background:

– Stablecoins have become a key means in trade and cross-border remittances

– A large portion of digital liquidity in global markets is through stablecoins linked to the dollar

– China sees this as a long-term threat to the status of the yuan

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❓Do you think a stable coin backed by the yuan will succeed in reducing dependence on the dollar?

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