{"id":43366,"date":"2025-08-21T12:32:03","date_gmt":"2025-08-21T12:32:03","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=43366"},"modified":"2025-08-21T12:32:03","modified_gmt":"2025-08-21T12:32:03","slug":"beijing-explores-a-chinese-stablecoin-solution-to-counter-dollars-dominance","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=43366","title":{"rendered":"Beijing Explores A Chinese Stablecoin Solution To Counter Dollar\u2019s Dominance"},"content":{"rendered":"<div>\n<p>The world is witnessing the rise of the dollar-pegged stablecoin. However, China, for one, is not happy with its growing dominance in global finance. A Chinese stablecoin might be on the horizon as the country explores yuan-backed stablecoins, in a major pivot towards digital assets.<\/p>\n<p>According to an article <a class=\"general-link\" href=\"https:\/\/www.reuters.com\/business\/finance\/china-considering-yuan-backed-stablecoins-boost-global-currency-usage-sources-2025-08-20\/\" target=\"_blank\" rel=\"noopener nofollow\">published <\/a>by Reuters on August 21, 2025, the Chinese Council is exploring ways to internationalise the Yuan and is reportedly set to review a roadmap for the same later this month.<\/p>\n<p>This plan includes the development of a Chinese stablecoin.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/72x72\/1f1e8-1f1f3.png\" alt=\"\ud83c\udde8\ud83c\uddf3\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/72x72\/1f1ed-1f1f0.png\" alt=\"\ud83c\udded\ud83c\uddf0\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> China considers yuan-backed stablecoins, eyes rollout in Hong Kong and Shanghai for cross-border use \u2013 Reuters. <a href=\"https:\/\/t.co\/YfqhVEta1E\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/YfqhVEta1E<\/a><\/p>\n<p>\u2014 Whale Insider (@WhaleInsider) <a href=\"https:\/\/twitter.com\/WhaleInsider\/status\/1958141773064421799?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">August 20, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Sources indicate that this initiative is a direct response to the growing influence of US dollar-pegged stablecoins, such as USDT and USDC, which have become a cornerstone of the global cryptocurrency markets and are being increasingly used in cross-border transactions.<\/p>\n<p>According to Reuters, Hong Kong and Shanghai will serve as launchpads for this project, where high-level leadership are to convene a study session on stablecoins to develop the state\u2019s policy for the Chinese stablecoin.<\/p>\n<p><strong>EXPLORE:<\/strong>\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-crypto-to-buy\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Top 20 Crypto to Buy in 2025<\/a><\/p>\n<h2><strong>Chinese Exporters\u2019 Use Of USDT, USDC Drives Chinese Stablecoin Pivot<\/strong><\/h2>\n<p>The dominating position held by the dollar-pegged stablecoins has sparked an urgent decision in China to pivot to a yuan-backed stablecoin. Since stablecoins are mostly used for cross-border transactions, a stablecoin pegged to the dollar gives the US a major advantage over China.<\/p>\n<p><a class=\"general-link\" href=\"https:\/\/www.bis.org\/publ\/arpdf\/ar2025e3.htm\" target=\"_blank\" rel=\"noopener nofollow\">According <\/a>to the Bank for International Settlements, US-pegged stablecoins make up over 99% of the global stablecoin supply.<\/p>\n<p>However, what caused the Chinese to pivot to stablecoins is the growing use of dollar-pegged stablecoins by Chinese exporters, as noted by Reuters\u2019 report.<\/p>\n<p>This is a major cause for concern for the Chinese authorities since each transaction settled in either USDT or USDC further contributes to the dollar\u2019s dominance and also helps to contribute to a parallel financial infrastructure that bypasses traditional oversight.<\/p>\n<p>Growing usage of the USDT or the USDC in China further haemorrhages the efforts made by the Chinese authorities to internationalise the Yuan.<\/p>\n<p>The Shanghai Cooperation Organisation Summit set to take place in Tianjin later this month will serve as the diplomatic debut for China\u2019s new financial strategy.<\/p>\n<p>Discussions will likely centre around the promotion of yuan-based settlements and introducing its early-stage stablecoin to member states as Beijing pushes for a multipolar financial landscape that is less dependent on Western financial systems.<\/p>\n<p><strong>EXPLORE:<\/strong>\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/crypto-presales\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">The 12+ Hottest Crypto Presales to Buy Right Now<\/a><\/p>\n<h2><strong>People\u2019s Bank Of China To Lead The Charge<\/strong><\/h2>\n<p>According to the report, the People\u2019s Bank of China and other domestic regulators will implement the plan.<\/p>\n<p>This sudden pivot to stablecoins is in contrast to China\u2019s blanket ban on crypto, first introduced in 2021 and recently <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/presales\/china-crypto-ban-again-reports-stating-chinese-digital-yuan-push-behind-latest-bitcoin-ban\/\" target=\"_blank\" rel=\"noopener\">reinforced<\/a>.<\/p>\n<p>In 2021, Chinese authorities <a class=\"general-link\" href=\"https:\/\/www.reuters.com\/world\/china\/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24\/\" target=\"_blank\" rel=\"noopener nofollow\">enforced a ban<\/a> on crypto trading and mining due to concerns regarding speculative risks and financial stability.<\/p>\n<p>The ban specifically targeted decentralised, privately issued assets that were beyond regulatory control. In contrast, their pivot to stablecoin represents centralised control where authorities can leverage blockchain\u2019s technical advantage.<\/p>\n<p>In this situation, the state is repurposing crypto, without adopting its ethos to realise its geopolitical objectives.<\/p>\n<p><strong>EXPLORE:<\/strong>\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/high-risk-high-reward-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">9+ Best High-Risk, High-Reward Crypto to Buy in 2025<\/a><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h2 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h2>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Chinese authorities are exploring a Chinese stablecoin alternative to counter the dollar\u2019s dominance    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        People\u2019s Bank of China and other domestic regulators will implement this new financial plan    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The growing use of dollar-pegged stablecoins by Chinese exporters sparked China\u2019s pivot to stablecoins    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/altcoins\/beijing-explores-a-chinese-stablecoin-solution-to-counter-dollars-dominance\/\">Beijing Explores A Chinese Stablecoin Solution To Counter Dollar\u2019s Dominance<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The world is witnessing the rise of the dollar-pegged stablecoin. However, China, for one, is not happy with its growing dominance in global finance. A Chinese stablecoin might be on the horizon as the country explores yuan-backed stablecoins, in a major pivot towards digital assets. According to an article published by Reuters on August 21, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-43366","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/43366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43366"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/43366\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}