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China Weighs Yuan-Backed Stablecoins in Major Policy Shift, Sources Say

Sources point to an unannounced roadmap using stablecoins to extend the yuan's global reach.

FILE - In this Aug. 11, 2015 photo, a shadow of a man is reflected on a glass as he reads a newspaper reporting China's central bank or People's Bank of China announced the 2015 edition of the 100 renminbi notes will be issued starting from November 12, at a stand in Beijing. (AP Photo/Andy Wong, File)
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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.