According to recent news, the State Council of China is reviewing the introduction of a stablecoin pegged to the renminbi, aimed at promoting the use of the renminbi in the international financial system. This policy shift marks a significant revision of China's cryptocurrency policy since the ban in 2021, demonstrating its intent to respond sharply to the monopoly of the US dollar stablecoin. Shanghai and Hong Kong are expected to serve as pilot cities, implementing this through an officially formulated regulatory and risk management framework, and this strategy may be expanded during the SCO summit. If successfully implemented, this move is expected to trigger a new wave of expansion in the global stablecoin market before 2028.

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