China Moves Forward with Yuan-Backed Stablecoin Plans, Aiming to Strengthen its Currency’s Role in Global Fintech

China is making progress towards launching a yuan-backed stablecoin, spearheaded by the State Council and People’s Bank of China. This initiative aims to expand the Chinese currency’s influence in global fintech markets from Hong Kong. The policy shift could reshape USD stablecoin dominance, attracting institutional interest as China explores new financial frontiers in a controlled environment.