In recent years, stablecoins, as a type of cryptocurrency pegged to fiat currencies, have garnered global attention due to their potential in cross-border payments, hedging, and asset allocation. However, their anonymity and decentralized characteristics have also raised concerns among regulatory agencies worldwide. In early 2025, the United States passed the "GENIUS Act," providing a legal framework for the issuance and regulation of stablecoins, marking its supportive stance towards digital currencies.
At the same time, some European countries have expressed concerns about the U.S.-led stablecoin policy, believing it could affect the international status of the euro. The Italian Minister of Economy has pointed out that the U.S. stablecoin policy may pose a greater threat than trade tariffs, calling for the EU to take measures to enhance the euro's share in global payments.
China completely banned cryptocurrency trading and mining in 2021, marking its tough stance on digital assets. However, recent policy signals indicate signs of a shift. According to Reuters, the Chinese government is considering launching a yuan-backed stablecoin to promote the internationalization of the yuan and respond to the dollar-dominated stablecoin market.
It is reported that the State Council of China plans to review and possibly approve a roadmap to expand the global use of the yuan by the end of August, which includes application scenarios for stablecoins, regulatory frameworks, and risk prevention measures. Hong Kong and Shanghai are seen as priority cities for implementing this policy.
Behind China's strategic transformation lies a response to changes in the global financial landscape and considerations for enhancing the international status of the yuan. Currently, dollar-backed stablecoins dominate the global market, accounting for over 99% of the market share.
On August 1, 2025, Hong Kong implemented a stablecoin regulatory bill, becoming one of the first regions in the world to comprehensively regulate the issuance of stablecoins. The Hong Kong Monetary Authority (HKMA) plans to issue the first batch of stablecoin issuance licenses in early 2026, initially limited to a few institutions.
This move has attracted the attention of Chinese tech giants, including JD.com and Ant Group. Reports indicate that these companies are actively seeking to issue yuan-backed stablecoins in Hong Kong to respond to the dollar-dominated stablecoin market.
However, Hong Kong's regulatory environment also faces challenges. Some industry insiders have expressed concerns about customer identification regulations, believing they may impact market liquidity and innovation.
The global stablecoin market is rapidly developing. According to Standard & Poor's forecasts, the stablecoin market size could reach $2 trillion by 2028.
In this context, China's strategic transformation is both a response to changes in the global financial landscape and a strategic move to enhance the international status of the yuan. However, factors such as capital controls, regulatory coordination, and market acceptance remain key to the successful implementation of China's stablecoin policy.
As China may propose a cross-border payment initiative for yuan stablecoins during the Shanghai Cooperation Organization (SCO) summit, the global financial system may witness new changes. How countries balance innovation and risk will determine the future direction of digital currency development.
Related: Federal Reserve Governor Waller: Cryptocurrency payments "are nothing to be afraid of"
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