China’s State Council is poised to approve the use of yuan-backed stablecoins, marking a significant step towards strengthening the global role of the Chinese yuan. This move aims to decrease reliance on the US dollar and increase international use of China’s currency. The plan, set to be unveiled at the upcoming Tianjin Summit later this month, will outline strategies for bolstering the yuan’s usage in international markets. It will define roles for domestic regulators, establish guidelines for managing financial risks associated with digital currencies, and address specific challenges presented by utilizing blockchain technology and regulated stablecoins. 💰