China Exploring Yuan-Backed Stablecoins: Major Shift in Crypto Policy

China is considering a major policy shift regarding cryptocurrencies. The nation is reportedly exploring whether to authorize yuan-backed stablecoins, potentially reversing its 2021 ban on crypto activities. This move comes as China seeks to strengthen the role of the yuan globally, aiming to counter U.S. dominance in the market for dollar-backed stablecoins, which hold nearly 98% of the $288 billion market.