China could benefit from yuan stablecoin over its CBDC — Circle CEO
China may have banned the use of cryptocurrencies, but stablecoins might have a role to play in the proliferation of its national currency. Although China has closed its doors to decentralized cryptocurrencies, Circle CEO Jeremy Allaire believes that stablecoin s could play a role in the proliferation of China’s digital yuan. Allaire, who heads up the company behind the United States dollar-backed stablecoin USD Coin (USDC), suggested that a yuan-based stablecoin might be China’s best bet for driving the adoption of its national currency in an interview with the South China Morning Post. “If eventually the Chinese government wants to see the RMB [yuan] used more freely in trade and commerce around the world, it may be that stablecoins are the path to do that more than the central bank digital currency.” China cracked down on the use of cryptocurrencies in 2021 while simultaneously blazing the trail for the trial, testing and issuing of its digital yuan central bank digital currency...