China Seeks to Supercharge Cross-Border Trade with Yuan-Backed Stablecoins

China’s push to enhance its global financial influence is gaining momentum, centered on yuan-backed stablecoins. The country aims to position the yuan as a prominent player in international finance by facilitating faster and cheaper cross-border transactions. Key regulatory pathways for these stablecoins are being actively developed with plans to be reviewed by the State Council soon. Pilot schemes in Hong Kong and Shanghai have been launched to lay the groundwork for widespread adoption of these tokens, paving the way for increased trade and international payment channels.