China Approves Yuan-Backed Stablecoin Plans, Reshaping Global Crypto Finance

China may soon greenlight yuan-backed stablecoins, marking a potential turning point in global cryptocurrency finance. The State Council is reportedly set to approve a roadmap by the end of August outlining regulatory framework for their limited use. This plan aims to bolster international yuan adoption by offering digital payments and settlements using the Chinese currency (CNH). Hong Kong, playing a pivotal role, is poised to become a testing ground for these stablecoins under new regulatory guidelines.