🇨🇳 JUST IN: China is in FOMO mode as it rushes to launch yuan-backed stablecoins, driven by fears of capital flight and growing pressure from U.S. dollar-pegged tokens.
Here’s why it matters:
🏢 JD and Ant Group are lobbying Beijing to approve offshore yuan tokens for trade and payments as a direct counter to dollar stablecoins.
⚖️ Regulators warn stablecoins could trigger outflows and weaken China’s capital controls.
🔐 Hong Kong will issue a limited number of licenses for B2B use, backed by full reserves and strict compliance.