China Encouraged To Strengthen Stablecoin Development By CCP-Backed Media Amid Trump’s Support
In response to the rising influence of U.S. dollar-pegged cryptocurrencies, a Chinese Communist Party-backed publication called on China to accelerate its stablecoin development and expand the international currency status of the Chinese Yuan.
What Happened: An op-ed published in Study Times highlighted the increasing role of dollar-pegged stablecoins like Tether (CRYPTO: USDT) and USD Coin (CRYPTO: UDSC) in bridging the traditional and digital currency worlds.
The report pointed out that these stablecoins have made significant strides in various sectors, such as serving as trading mediums on cryptocurrency exchanges, in decentralized finance, and in the developing world for wealth preservation, thereby solidifying the dollar’s international currency status.
The op-ed, originally published in Chinese, stressed that China should bolster its stablecoin development …
About The Author
