China Seeks to Counter US Dollar Control with Yuan-Backed Stablecoins

Beijing’s plans are a significant policy shift, aiming to bolster the yuan’s position in global finance. According to sources familiar with the matter, China is preparing to approve a new internationalization plan later this month. A central aspect of this initiative is the development of stablecoins backed by the Chinese currency, designed to challenge US dollar dominance in trade and finance. This move will likely see Hong Kong and Shanghai leading the charge as testbeds for widespread adoption.