Overview
- The State Council is expected to review later this month a plan that could authorize yuan-pegged tokens to support currency internationalisation, according to multiple reports citing unnamed officials.
- The roadmap would set adoption targets, assign oversight to regulators including the People’s Bank of China, and outline risk-control guidelines, the sources said.
- Hong Kong and Shanghai are named as fast-track hubs for rollout, with Hong Kong’s stablecoin licensing regime already in force as of August 1.
- China’s senior leadership is slated for a study session by month-end to define the scope of stablecoin use, with related talks also expected at the Aug. 31–Sept. 1 SCO summit in Tianjin.
- Market context shows dollar-pegged stablecoins account for over 99% of supply and the yuan’s share of global payments fell to 2.88% in June, underscoring the strategic rethink after the 2021 crypto ban.