China Pushes Yuan-Backed Stablecoins for Global Currency Expansion

China is preparing to launch yuan-backed stablecoins, marking a significant policy shift that aims to bolster the renminbi’s international prominence and challenge US dominance in digital fiat currencies. The State Council is reviewing a roadmap for these digital yuan tokens, which could authorize their use offshore. This framework will outline targets for global usage, define regulatory roles, and include risk management measures. Initial deployment may focus on key cities like Hong Kong and Shanghai.