China Considers Yuan Stablecoins to Boost Global Currency Use

China yuan stablecoin plans are under review as Beijing considers introducing yuan-backed tokens to accelerate currency internationalisation. The State Council is expected to examine a roadmap this month, covering regulatory roles, risk prevention and adoption targets, while top leadership holds a study session on yuan globalisation. If approved, Hong Kong and Shanghai would pilot implementation, with the People’s Bank of China and other regulators overseeing. The move comes as dollar-backed stablecoins dominate global supply, China’s global payments share slips to 2.88%, and the US accelerates its own regulatory framework under President Trump.