China Considers Yuan-Backed Stablecoins to Challenge Dollar Dominance in Crypto
China’s State Council is set to review a roadmap later this month that could approve yuan-backed stablecoins to expand the currency’s global reach. The move marks a potential reversal from China’s 2021 crypto ban, driven by efforts to counter U.S. dollar-backed stablecoins dominating 99% of the market. Hong Kong and Shanghai are identified as key hubs for rollout, aligning with recent regulatory frameworks in Hong...