The post China Considers Yuan-Pegged Stablecoins to Boost Global Influence appeared on BitcoinEthereumNews.com.   Key highlights: China may allow yuan-pegged stablecoins to boost its global currency influence. Conflux has already launched a CNH-backed stablecoin for cross-border payments. Policy shift challenges dollar dominance amid growing global stablecoin adoption. China is reportedly considering allowing stablecoins pegged to the yuan for the first time, signaling a major reversal in a country that previously banned cryptocurrency trading. The move is aimed at boosting the yuan’s influence globally and modernizing cross-border payments. 180-Degree policy shift in digital assets If approved, this plan would represent a radical shift in Beijing’s approach to digital assets. In 2021, China banned cryptocurrency trading and mining over concerns about financial system stability. Now, authorities are exploring ways to internationalize the yuan while maintaining strict regulatory oversight. The State Council, China’s cabinet, will consider and possibly approve a roadmap for expanding the yuan’s use globally later this month. The document will set targets for international use, outline responsibilities for regulators, and define risk prevention measures. First steps taken by Chinese blockchain projects Even as the strategy is being discussed, the Chinese blockchain platform Conflux has already launched a stablecoin backed by the offshore yuan (CNH).  This initiative targets cross-border payments, particularly under the One Belt, One Road program, which could transform payments between Asian, African, and European countries. China has long sought to elevate the yuan to a global reserve currency on par with the U.S. dollar or euro, but tight currency controls and trade surpluses have limited progress.  According to SWIFT, the yuan’s share of global payments fell to 2.89% in May, while the dollar holds 48.46%. RMB’s share as a global payment’s currency. Source: SWIFT A global context: dollar, stablecoins, and regional competitors The U.S. has actively supported stablecoins, with former President Trump backing regulatory frameworks for dollar-denominated cryptocurrencies. Currently, U.S. dollar-based… The post China Considers Yuan-Pegged Stablecoins to Boost Global Influence appeared on BitcoinEthereumNews.com.   Key highlights: China may allow yuan-pegged stablecoins to boost its global currency influence. Conflux has already launched a CNH-backed stablecoin for cross-border payments. Policy shift challenges dollar dominance amid growing global stablecoin adoption. China is reportedly considering allowing stablecoins pegged to the yuan for the first time, signaling a major reversal in a country that previously banned cryptocurrency trading. The move is aimed at boosting the yuan’s influence globally and modernizing cross-border payments. 180-Degree policy shift in digital assets If approved, this plan would represent a radical shift in Beijing’s approach to digital assets. In 2021, China banned cryptocurrency trading and mining over concerns about financial system stability. Now, authorities are exploring ways to internationalize the yuan while maintaining strict regulatory oversight. The State Council, China’s cabinet, will consider and possibly approve a roadmap for expanding the yuan’s use globally later this month. The document will set targets for international use, outline responsibilities for regulators, and define risk prevention measures. First steps taken by Chinese blockchain projects Even as the strategy is being discussed, the Chinese blockchain platform Conflux has already launched a stablecoin backed by the offshore yuan (CNH).  This initiative targets cross-border payments, particularly under the One Belt, One Road program, which could transform payments between Asian, African, and European countries. China has long sought to elevate the yuan to a global reserve currency on par with the U.S. dollar or euro, but tight currency controls and trade surpluses have limited progress.  According to SWIFT, the yuan’s share of global payments fell to 2.89% in May, while the dollar holds 48.46%. RMB’s share as a global payment’s currency. Source: SWIFT A global context: dollar, stablecoins, and regional competitors The U.S. has actively supported stablecoins, with former President Trump backing regulatory frameworks for dollar-denominated cryptocurrencies. Currently, U.S. dollar-based…

                                                                               BitGo’s move creates further competition in a burgeoning European crypto market that is expected to generate $26 billion revenue this year, according to one estimate.                     BitGo, a digital asset infrastructure company with more than $100 billion in assets under custody, has received an extension of its license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling it to offer crypto services to European investors. The company said its local subsidiary, BitGo Europe, can now provide custody, staking, transfer, and trading services. Institutional clients will also have access to an over-the-counter (OTC) trading desk and multiple liquidity venues.The extension builds on BitGo’s previous Markets-in-Crypto-Assets (MiCA) license, also issued by BaFIN, and adds trading to the existing custody, transfer and staking services. BitGo acquired its initial MiCA license in May 2025, which allowed it to offer certain services to traditional institutions and crypto native companies in the European Union.Read more