China Considering Allowing Yuan-Backed Stablecoins To Facilitate Cross-Border Trade and Payments: Report
China is mulling the release of yuan-backed stablecoins to boost the global use of its currency, according to a report from Reuters. Citing unnamed sources “familiar with the matter,” Reuters says China is in the middle of a major pivot in its stance on digital assets. The sources – who asked not to be named because they’re not supposed to be talking to the media – say that China’s State Council will review and then potentially approve a roadmap later this month for launching the new product and working to catch up with the US on stablecoins. Details of the plan are expected to be publicly revealed in the coming weeks. The country’s regulators and its central bank, the People’s Bank of China (PBOC), are being assigned implementation duties, according to the sources. The global stablecoin market, which is almost entirely dominated by US dollar-pegged products, is at $281 billion. Some industry insiders have speculated that in th...