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Reuters reported this morning: China is likely to approve a yuan-denominated stablecoin later this month.

Sources say the plan is expected to include targets for the use of the yuan in global markets and clarify the responsibilities of domestic regulators. Additionally, the roadmap will incorporate guidelines for risk prevention.

One source indicated that senior Chinese leaders are also expected to hold a special study meeting as early as the end of this month, focusing on the internationalization of the yuan and the rapidly developing stablecoins worldwide.

The open economy of the United States is already leading the cryptocurrency race.

For countries with foreign exchange controls, allowing individual users to use stablecoins in a 'decentralized' manner is a difficult goal to achieve. It is highly likely that, similar to Hong Kong, anyone holding and trading stablecoins must first undergo identity verification, and only after their identity is verified will they receive a whitelist for an on-chain wallet address. This chain also cannot be public chains like Ethereum or Solana from overseas.

Otherwise, anyone could exchange yuan online and offline without identity verification, then hold yuan stablecoins on-chain. These yuan stablecoins could then be freely exchanged for USDT/USDC and other dollar stablecoins, which could be used abroad, thus bypassing the foreign exchange control wall entirely.

#人民币稳定币
#stablecoin