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China's Yuan Stablecoin Plan Aims to Dethrone Dollar

8/20/2025

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Summary

Story summary

China is exploring the introduction of yuan-backed stablecoins to increase global currency usage, reversing its 2021 cryptocurrency ban.
The State Council intends to finalize a yuan internationalization roadmap by late August.
This initiative aims to reduce US dollar dominance in global payments, where dollar-backed stablecoins exceed 99% market share.
Discussions will occur at the Shanghai Cooperation Organisation Summit on August 31.
Other Asian nations, including South Korea, are also pursuing stablecoin projects.

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Story summary

China is exploring the introduction of yuan-backed stablecoins to increase global currency usage, reversing its 2021 cryptocurrency ban.
The State Council intends to finalize a yuan internationalization roadmap by late August.
This initiative aims to reduce US dollar dominance in global payments, where dollar-backed stablecoins exceed 99% market share.
Discussions will occur at the Shanghai Cooperation Organisation Summit on August 31.
Other Asian nations, including South Korea, are also pursuing stablecoin projects.