Gate News message, April 17 — Circle CEO Jeremy Allaire recently predicted that China could launch a yuan-backed stablecoin within three to five years as digital currencies become more embedded in global trade and finance. The comments follow Chinese officials’ exploration of the idea, despite the country’s 2021 ban on cryptocurrency trading and mining.
The global stablecoin market is worth approximately $315 billion, led by dollar-pegged tokens including Tether’s USDT and Circle’s USDC. Experts noted that a yuan stablecoin would require Beijing to make the renminbi fully convertible, though an offshore yuan token could better align with existing capital controls than one backed by the onshore currency.
China has pursued a decades-long strategy to widen renminbi use internationally. In 2023, the yuan’s share of global payments through SWIFT, the widely used international bank messaging network, rose from 2.1% to 4.3%. Beijing has also built infrastructure such as the Cross-Border Interbank Payment System (CIPS) for processing international payments and conducted cross-boundary digital yuan (e-CNY) pilots, including one in Hong Kong connecting e-CNY with the city’s Faster Payment System.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Sun Yuchen Attacks WLF Management Over Four-Year Lock-up, Confirms Normal Relations with Trump Family
Sun Yuchen, founder of Tron, has criticized WLF's management for requiring a four-year lock-up for early investors, claiming both he and the Trump family were deceived by misconduct within the team. He maintains a normal relationship with the Trump family.
GateNews1h ago
Lido's LDO Token Surges 30% in Monthly Rally as DAO Approves $20M Buyback Program
Lido's governance token LDO has gained 30% in 30 days, driven by a $20 million buyback program, while major DeFi competitors declined. Despite the rally, LDO remains down 94% from its peak.
GateNews8h ago
World Liberty Financial Proposes Restructured Vesting for 62.28B WLFI Tokens With Up to 4.52B Burn
World Liberty Financial proposed a governance restructuring affecting 62.28 billion WLFI tokens, including a potential burn of up to 4.52 billion tokens for eligible holders. The plan aims to align governance participation over two years, amid concerns about token unlocks and governance transparency.
GateNews10h ago
Circle Issues 250M USDC on Solana
Gate News message, April 16 — According to Whale Alert, Circle has minted 250 million USDC on the Solana blockchain.
GateNews13h ago
Solana and Ripple's 'XRP' Posts Highlight $100M Wrapped XRP Integration
Solana's recent post about "XRP" led to Ripple's reply, influencing XRP's price. This comes amid the launch of wrapped XRP on Solana through Hex Trust and LayerZero, attracting significant liquidity, highlighting an evolving collaboration in the crypto space.
GateNews15h ago
Bank of AI Launches Airdrop Campaign with 5,000 USDT Prize Pool, 1,000 Winners to Share Rewards
Bank of AI has launched an airdrop campaign on a CEX's Web3 wallet, offering a 5,000 USDT prize pool for 1,000 participants who meet specific requirements, including wallet verification and social media engagement.
GateNews16h ago
