Today's Key Highlights
China Considers Yuan-Based Stablecoin
China is considering the issuance of a stablecoin pegged to the yuan as part of their currency internationalization strategy. City governments like Hong Kong and Shanghai are priority areas for this initiative.
Crypto Market Experiences Correction
Market conditions show pressure, with Bitcoin and Ethereum each dropping below US$114,000 and US$4,210 respectively. Analysts state that this market correction is still ongoing.
Crypto–US Treasury Relationship Strengthens
US Treasury Secretary Scott Bessent is approaching stablecoin issuers like Tether and Circle. The goal: to bolster demand for US government bonds using high-quality reserves held by the crypto sector—in line with new regulations requiring stablecoins to be backed by safe assets like Treasuries.