#BinancSquare Breaking News: China Considers Yuan-Backed Stablecoin as Beijing Takes on US Dominance

China is exploring the possibility of allowing the use of yuan-backed stablecoins for the first time.

A roadmap for the yuan-backed stablecoin is expected to be discussed at the Shanghai Cooperation Organization (SCO) summit in Tianjin later this month. At the summit, China will promote wider use of its currency in trade settlements.

China is considering a yuan-backed stablecoin

According to Reuters, the State Council will review a roadmap later this month to expand the internationalization of the yuan, including stablecoin experiments in Hong Kong and Shanghai.

If approved, the plan will set regulatory guidelines, risk controls, and usage goals to counter the overwhelming dominance of dollar-linked tokens.$BNB #ارجو #منكم #المتابعه And your support for the publications 🌹🫶🏻👍🏻#BinancSquare