Well, well, well. China is dusting off its crypto playbook after a decade-long ban and gearing up to embrace yuan-backed stablecoins. Because apparently, banning something for 10 years is just a trial run? Who knew? 😏
According to Reuters (and probably some very serious meetings with lots of tea), China’s State Council might approve a shiny new roadmap later this month. The goal? To make the yuan as globally desirable as avocado toast. 🥑
Meanwhile, across the pond, the U.S. is flexing its financial muscles with USD-backed stablecoins, thanks to last month’s GENIUS Stablecoin Act. Yes, they named it “GENIUS.” Subtle, America. Very subtle. 🤓
China’s plan involves promoting the yuan in global markets while handing out homework to domestic regulators. Think of it as assigning risk management guidelines but with more bureaucracy and fewer gold stars. ✏️
And get this: China’s top leadership is planning a study session by the end of the month. Yes, a study session. Senior officials will outline policy directions for stablecoins, because nothing screams “fun” like a PowerPoint presentation on currency boundaries. 📊
Last month, China’s central bank officials were basically like, “Hey, remember how we banned crypto? Oops, our bad. Let’s try this again!” All while keeping one eye on the U.S.’s lead in the stablecoin race. 🐢💨
If approved, this move would mark a major plot twist in China’s relationship with digital assets. Remember 2021, when they banned crypto trading and mining faster than you can say “blockchain”? Yeah, that was fun while it lasted. 🎢
Beijing has always dreamed of making the yuan as cool as the U.S. dollar or the euro. But let’s be real-strict capital controls and trade surpluses are about as helpful as a chocolate teapot. 🍫
Case in point: the yuan’s share of global payments dropped to 2.88% in June, its lowest in two years. Meanwhile, the U.S. dollar is sitting pretty at 47.19%. Awkward. 😬
China’s still playing it safe with tight capital controls, allowing only limited cross-border flows through schemes targeting places like Hong Kong. Baby steps, I guess. 👶
On the flip side, Donald Trump is out here turning stablecoins into his personal brand. He even got the GENIUS Stablecoin Act passed, because if there’s one thing America loves, it’s naming things after itself. 🇺🇸
Word on the street is Beijing sees stablecoins as the secret weapon for yuan internationalization. Because nothing says “global dominance” like piggybacking on the rising popularity of U.S. dollar-linked cryptocurrencies. Sneaky, China. Very sneaky. 😉
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2025-08-20 20:45