🇨🇳China Prepares Yuan-Backed Stablecoin to Challenge Dollar’s Global Dominance 🚀
#MarketPullback #AltcoinSeasonLoading
China is considering approving its first yuan-backed stablecoin in a bid to boost the renminbi’s role in global finance and reduce reliance on dollar-backed stablecoins, which currently dominate the market.
The State Council is expected to finalize a roadmap by the end of August, with Hong Kong and Shanghai set to serve as pilot hubs. The initiative will focus on B2B cross-border payments under strict capital controls and AML/KYC compliance.
If launched, this move would mark a major policy shift since China’s 2021 crypto ban, positioning the yuan as a potential digital alternative to the dollar in global trade.
📌Source: Reuters, Crypto Rover, AInvest
