China’s Big Plan to Launch a Yuan Stablecoin – And No, It’s Not a Joke!

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So, here’s a fun little twist in the world of global currencies: the People’s Republic of China is seriously toying with the idea of launching its own yuan-based stablecoin. Yes, you heard that right. A stablecoin-basically, digital money that stays as stable as your grandma’s internet connection. This could be China’s big play to nudge the US dollar off its high horse and let the yuan take center stage on the world’s currency catwalk.

The State Council, which is basically China’s version of a very powerful school council with an infinite budget, is due to sit down and figure out if this bold move will go ahead. If all goes according to plan, this could be the moment the yuan goes global-because who wouldn’t want to see that? China is already prepping for a roadmap to roll out the idea sometime later this month. 😏

Now, before you get all nostalgic about China’s strict no-digital-money policy, let’s take a step back in time to 2021. Remember that glorious year when China decided to ban all cryptocurrencies and mining, probably because someone got a little too carried away with “financial risks”? Fast forward to now, and the Red Dragon is eyeing this whole stablecoin thing like a teenager with a new iPhone. How times change! 🤔

According to a juicy little Reuters report, Shanghai and Hong Kong would be the lucky first cities to pilot this coin. Oh, and by the way, Hong Kong just passed its new stablecoin ordinance-just in case you missed that headline. And if that wasn’t enough, Shanghai is busy building its own fancy digital yuan center. Talk about a digital currency race, huh?

The Yuan’s Global Dance: Will It Finally Get Invited to the Party?

Looking at the data from SWIFT, the yuan is, well, not exactly the life of the party. It only made up 2.88% of global payments in June, which is a bit sad if you think about it. Meanwhile, the US dollar is still the undisputed champion, hogging 47.19% of the global payment pie. How does the US keep doing it? Oh, maybe it has something to do with good ol’ Donald Trump’s steady backing of stablecoins since his inauguration. Throw in a bill like the GENIUS Act, and suddenly, the US is looking like the stablecoin kingpin. 🍰

But don’t fret! China’s not about to let this slide. Sources, who are too shy to be named (because confidentiality is everything), say that the full plan will be unveiled soon. We’re talking about a “top secret” rollout, with the People’s Bank of China (PBOC) taking charge. Oh, and expect some global chatter on this at the upcoming SCO summit in Tianjin from August 31 to September 1. Get ready for a diplomatic showdown of epic proportions, with heads of state from places like India and Pakistan all throwing their two cents in. 💰🌍

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2025-08-21 15:54