China Set To Legalize Yuan-Pegged Stablecoins, Challenging Global Currency Dominance

China is poised to overturn its long-standing crypto ban by granting legal approval for yuan-pegged stablecoins before the end of August, according to Reuters. This move would mark the first time the country allows any form of stablecoin linked to its national currency. The decision awaits review from the State Council, China’s highest administrative body, which will also determine how this stablecoin rollout fits into the government’s broader strategy to expand the yuan’s global use.