China's State Council has announced intentions to discuss the use of yuan-backed stablecoins, potentially drawing attention to the international role of the Chinese currency.
China's Plans at the Tianjin Summit
China plans to present its plans at the upcoming Tianjin Summit later this month. At this important event, officials will discuss a strategy for increasing the use of the yuan in international markets.
Stablecoins as a Response to the Dollar
Experts view this development as a response to the ongoing dominance of the US dollar. Yuan-backed stablecoins will be an option for fast and secure international transactions.
China's Growing Interest in Stablecoins and RWAs
Chinese officials are showing greater interest in stablecoins and real-world assets. They are exploring how these tools can support financial innovation and improve payment systems.
China's initially cautious approach to cryptocurrencies is shifting towards exploring the opportunities presented by stablecoins and blockchain technology.
