According to (Reuters) citing sources, China, which has long banned cryptocurrency-related activities, is considering allowing the use of yuan-backed stablecoins for the first time to promote the broader adoption of the yuan globally. (Background: In the first week of the Hong Kong stablecoin regulation coming into effect, OTC trading volume plummeted by 30%, and USDT transfers fell by 43% in a single day.) (Additional background: China's 'stablecoin ban' prohibits discussion among the public: choking the ghost of the dollar, quietly building a yuan ark in Hong Kong) According to (Reuters) citing sources, China, which has long banned cryptocurrency-related activities, is considering allowing the use of yuan-backed stablecoins for the first time to promote the broader adoption of the yuan globally. Reuters pointed out that this move marks a significant shift in China's stance on digital assets, indicating its attempt to seek new breakthroughs in global financial competition. China's top leadership may set the direction for stablecoins. Sources revealed that the State Council of China is expected to review and possibly approve a roadmap later this month aimed at promoting greater adoption of the yuan in the global market and catching up with the United States in the field of stablecoins. The plan is expected to clarify the application objectives of the yuan in the global market while outlining the responsibilities of regulatory agencies within mainland China. One source further pointed out that China's top leadership is likely to hold a research meeting by the end of this month, focusing on discussing the internationalization of the yuan and the increasingly prominent issue of stablecoins globally. In this meeting, top leaders may set the development path for stablecoins and clarify their boundaries and scope in commercial applications. Stablecoins help expand the adoption of the yuan. (Reuters) citing data from the payment platform SWIFT shows that the yuan's share as a global payment currency fell to 2.88% in June this year, hitting a new low in nearly two years. In contrast, the dollar's market share reached 47.19%, highlighting the significant gap between the two in the global financial market. Sources indicated that against the backdrop of the increasing global financial influence of dollar-pegged cryptocurrencies, Beijing views stablecoins as an important financial innovation tool to promote the internationalization of the yuan. However, specific details of the related plans are still awaited to be announced in the coming weeks, and Chinese regulatory agencies, including the People's Bank of China, will be tasked with executing the relevant missions. Additionally, sources revealed that China plans to discuss the expansion of the yuan and possibly the inclusion of stablecoins in cross-border trade and payment applications with some countries at the Shanghai Cooperation Organization (SCO) summit to be held in Tianjin from August 31 to September 1. If this policy shift materializes, it would mark a change in China's stance in the field of digital assets and reflect that cryptocurrencies are advancing with unstoppable momentum in line with global financial trends. Related Reports Who can become the technological foundation for China's stablecoins? Four major 'national-level' public chains compete on the same stage. The American banking sector jointly resists the (Genius Act), with stablecoins becoming a thorn in the eyes of conservatives. A review of the seven major stablecoin-specific chains: Plasma, Stable, Tempo... opening up new battlefields for payment. "Reuters: China considers opening 'yuan stablecoins'! The State Council may approve this month." This article was originally published by BlockTempo (the most influential blockchain news media).