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China’s growing accent on stablescoins consists less in adopting the crypto and defending its currency against the domination of the US dollar, explains Dr. Vera Yuen of the business school of the University of Hong Kong, which argues that change highlights offshore opportunities but also the deep national limits.
The quarter of Beijing intervenes while Washington was traveling to create a regulatory framework for the Stablescoin industry in the United States Reuters recently reported that the Chinese Council of State examined a roadmap for the stablecoins supported by the Yuan later this month, with Hong Kong and Shanghai was expecting an accelerated adoption.
In a previous interview, the president of the animoca group, Evan Auyang, told Coindesk that the trigger was the law on American engineering, which cement the dollar tokens in the framework of global finance.
He said that the law “pressure on China to act much faster”, pushing Beijing to consider stabbed not as speculative instruments, as described once by the Popular Banque de China, but as an infrastructure necessary to monitor the pace of world trade and regulations.
Yuen said the government first prioritized E -CNY, its digital currency from the Central Bank, because it offered control, traceability and sampling – characteristics that regulators appreciated on those of private tokens. But it noted that stablecoins have a clear advantage in international use.
“Many CBDCs are developed for inner use, so for the international use of CBDCs, there is a big problem of interoperability of different systems. Stablescoins are designed to be used internationally, so this can be a better option for cross-border transactions,” she told Coindesk.
“Focusing on Stablecoins allows China to respond proactively to global regulatory debates and technological advances, ensuring that it remains competitive and prepared as the landscape of digital currency evolves,” continued Yuen.
Capital controls always mean that any yuan token will remain offshore, the new Hong Kong regime providing the test ground. However, the limited liquidity of the CNH underlines how close the track is for the push of the internationalization of China.
“This would limit the publication of renminbi offshore stablescoins, forcing its attractiveness as a means of payment,” said Yuen.
China does not move in isolation either.
In Japan, the Monex group is preparing to issue a stablecoin to support the yen linked to government obligations, joining other national actors such as SBI and Jpyc.
Unlike China, however, where capital controls push offshore experimentation, Japanese regulators set the foundations for the traffic of stablescoins at home, signaling the wider race of Asia to track the pace of tokens in US dollars.
For the moment, the Stablecoin experience of Beijing is less like a replacement for E-CNY and more as a careful complement, a means of extending the scope of the Yuan abroad without loosening its hold at home.
Market movements
BTC: BTC was held at $ 111,000 while Nvidia published solid profits.
ETH: ETH is negotiated at $ 4,500, and the story shows that a green August often precedes a rally at the end of the year by 60%, but generally after a drop in September.
Gold: Gold exchanged $ 3,443 per $ 3,443 on Wednesday, up 1.6% compared to Tuesday’s fence, extending a rally of 37% from one year to the next, although prices slipped at the start of negotiations while attention turned to the benefits of Nvidia and the end of Trump’s Fed.
S&P 500: The S&P 500 increased 0.2% on Wednesday, pushing Wall Street to a new record of all time before Nvidia’s income.
Elsewhere in crypto
- The former Polymarket Exec increases $ 15 million in Coinbase and USV for a rival prediction platform (the block)
- Finastra Taps Circle to provide the USDC regulation to world cross -border payments of 5T (Coindesk)
- Know your transmitter ‘: this technology fights counterfeit parts, starting with the USDC and Pyusd (Decrypt)
