🇨🇳 China considers neo stablecoin linked to the yuan

China is considering allowing the use of a neo stablecoin linked to the renminbi (yuan) to boost global trade and payments.

The State Council of China is expected to review and approve the roadmap in August 2025, aiming to promote the use of the renminbi abroad.

However, Beijing remains cautious about private stablecoins. Recently, the government has tightened the promotion of stablecoins domestically, while also warning about scams associated with private stablecoins.

Stablecoins are a great tool for countries to expand the influence of their local currency; the U.S. got into the game very early, and of course, China cannot ignore it.