• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

China's Approach to Developing a Yuan-Backed Stablecoin

user avatar

by Giorgi Kostiuk

6 hours ago


China is on the verge of significant changes in the financial landscape. Shanghai is actively exploring strategies for a yuan-backed stablecoin.

Importance of Shanghai's Stablecoin Strategy

Recently, an important meeting was held in Shanghai focused on policy strategies regarding stablecoins and other digital currencies. SASAC Director He Qing emphasized the need to explore digital technologies and strengthen research on digital currencies. Creating a yuan-backed stablecoin will allow China to control its digital financial infrastructure and reduce reliance on foreign systems. It may also help enhance the international status of the yuan.

China's Digital Currency: Beyond the DCEP

The Digital Currency Electronic Payment (DCEP) represents a central bank project aimed at domestic payments. In contrast, a yuan-backed stablecoin is likely to be created by private companies and aimed at broader applications in the cryptocurrency market and decentralized finance. This provides China with a more comprehensive view of the currency ecosystem, addressing both domestic and international needs.

Impact of Ant Group and Tech Giants on Stablecoin Initiatives

Leading Chinese companies such as JD.com and Ant Group are actively calling for approval of the yuan-backed stablecoin initiative. Their interest is driven by current market demands and the necessity to gain competitive positions in digital assets. These firms hope to utilize the stablecoin for innovative payment solutions and to increase their share in the rapidly growing market.

The initiative to create a yuan-backed stablecoin underscores China's ambitions in reshaping global digital finance. Supported by major tech players, this strategy could elevate the yuan's status in the international financial system.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Bhutan's Transfer of 100 BTC to Binance: Implications for the Crypto Market

chest

Bhutan has transferred 100 BTC to Binance, potentially impacting Bitcoin market volatility. Read more for details.

user avatarGiorgi Kostiuk

Trump Launches TRUMP and MELANIA Memecoins, Causing Market Frenzy

chest

Trump and Melania Trump introduced memecoins, attracting major exchange attention and causing high market volatility.

user avatarGiorgi Kostiuk

Factors Leading to Altcoin Rally: Expert Predictions

chest

Experts predict an Altcoin Rally amidst Bitcoin's stability. Discover the factors influencing this trend.

user avatarGiorgi Kostiuk

BlackRock's Bitcoin ETF: $80 Billion in AUM and Record Bitcoin Surge

chest

BlackRock's Bitcoin ETF reaches a historic $80 billion, coinciding with Bitcoin's price rising above $118,000 and boosting institutional investor confidence.

user avatarGiorgi Kostiuk

China May Reevaluate Stablecoin Strategy Following Shanghai Meeting

chest

Chinese regulators discuss stablecoin possibilities as pressure from the U.S. cryptocurrency market rises.

user avatarGiorgi Kostiuk

Bitcoin and Altcoins: Crypto Market Reacts to New Heights

chest

Bitcoin hits a new record, driving up many altcoins amid institutional demand and geopolitical instability.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.