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Stablecoins could transform how we exchange money. The U.S. and China want to take charge
China and Japan aim to boost their currencies' global usage through yuan- and yen-backed stablecoins, challenging U.S. dollar dominance in the $250 billion-plus stablecoin market, experts say.
- China is preparing to enter the global stablecoin race by considering yuan-backed stablecoins, with the State Council set to review a roadmap later this month and Hong Kong and Shanghai playing central roles.
- Amid rising tensions with Washington, Chinese authorities view stablecoins as tools to advance yuan internationalisation and respond to the U.S. GENIUS Act enabling private stablecoin issuance.
- Market data show dollar-pegged stablecoins account for more than 99 of the $250 billion market, while the yuan's global payment share is just under 3%, highlighting growth potential and strategic disruption.
- If approved, the plan would reverse Beijing's 2021 crypto ban and set targets for yuan use, assign domestic financial regulators' duties, and establish risk-management guidelines.
- Reduced transfer costs mean stablecoins could benefit remittance senders and recipients, and Standard Chartered Bank projects the market could reach $2 trillion by 2028, reshaping the global payments system and reserve management.
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Huge News For Remitly Global Investors @themotleyfool #stocks $RELY $WU $CRCL
Key PointsRemitly is addressing the stablecoin opportunity head-on by adding services to its payments platform. Growth for the business was stellar last quarter. The stock looks cheap after a recent drawdown in the share price. 10 stocks we like better than Remitly Global › In the last year, a narrative has formed around stablecoins disrupting cross-border payment fees. With the initial public offering (IPO) of Circle Internet Group and growing …
In Depth: Trump’s Stablecoin Embrace Ups Pressure on China to Join Race - Caixin Global
In Depth: Trump’s Stablecoin Embrace Ups Pressure on China to Join Race - Stablecoins’ potential to transform the global payments system and maintain the dollar’s dominance could threaten China’s strategy to internationalize the e-CNY
China stablecoin push is better late than never
Beijing may be mulling plans to boost internationalisation of the country’s currency via yuan-backed tokens in Hong Kong. Use cases will probably be scant at first, and the roll-out tightly managed. But it's a positive step forward after a decade of stalled progress.
Stablecoins could transform how we exchange money. The U.S. and China want to take charge
Like a 21st-century space race, the world's biggest economic powers are staking their claim in a little-known digital currency that could revolutionize — or severely disrupt — the way people, companies and countries exchange money.
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