Chinese State Media Calls for Proactive Promotion of Yuan Stablecoin

Chinese state media has expressed that the yuan stablecoin should be actively promoted.

On the 23rd (local time), Securities Times, a publication under People's Daily, the official newspaper of the Chinese Communist Party, stated, "Stablecoins are emerging as an agenda item attracting global attention," and added, "China, which is pushing for the internationalization of the yuan, should not leave stablecoins in a regulatory blind spot." The report further noted, "Doing so would negatively impact the country's financial system and could mean missing out on the opportunity to globalize the yuan."

The article particularly highlighted the fact that stablecoins serve as a powerful payment tool. It stated, "The current stablecoin market size has surpassed $250 billion. As of June this year, the number of stablecoin payment transactions has reached 1.6 billion, and the transaction volume is expected to total $730 billion," adding, "According to Citibank, the stablecoin market size is projected to reach $3.7 trillion by 2030." The article also pointed out, "Countries such as the United States, Hong Kong, and South Korea are already speeding up legislation related to stablecoins," and assessed that it would be beneficial for China to join this global trend.