After years of bans and restrictions on trading and mining, China has announced the launch of a stablecoin backed by the yuan.
📌 The entry of China and Hong Kong into the digital currency landscape through stablecoins signals a clear intent from Beijing not to cede the digital financial space to the United States. 🇺🇸
🔹 Key Highlights:**
• China is exploring the launch of a yuan-backed stablecoin, marking a significant shift from its 2021 ban. 🇨🇳
• The initiative will begin with pilot programs in Hong Kong and Shanghai, focusing on cross-border trade and financial instruments like Dim Sum bonds.
• This move has already triggered a strong surge in the stocks of fintech companies and stablecoins within the Chinese market.
