China Eyes Yuan Stablecoins to Expand Global Currency Role

China considers yuan-backed stablecoins in a shift on digital assets, aiming to expand yuan use in cross-border trade and global finance.
The symbols of bitcoin and the stablecoin Tether (USDT) are displayed at a cryptocurrency store in Hong Kong on July 29, 2025. (Photo: AFP)

China is considering allowing the launch of yuan-backed stablecoins for the first time, in what would mark a significant shift in its approach to digital assets and a new step in efforts to expand the currency’s global reach.

According to people familiar with the matter, the State Council, China’s cabinet, is set to review a roadmap later this month that would outline how the tokens could be issued and used in cross-border transactions.

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by Edwin Shri Bimo

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