China Aims to Challenge US Dollar Dominance with Yuan-Backed Stablecoins

China is poised to challenge the US dollar’s dominance in global trade settlements with the launch of yuan-backed stablecoins, a move that could reshape financial landscapes. The State Council and the People’s Bank of China are driving this initiative, aiming to pilot these digital currencies in Hong Kong and Shanghai before broader deployment. 🇨🇳 This strategic initiative reflects Beijing’s desire to enhance its financial influence on the global stage.