Is China Gearing Up for a New Stablecoin Race?

Reports suggest that the Chinese government might support using yuan-pegged stablecoins for cross-border trade and to compete with the US for monetary supremacy. The US began its push for global monetary dominance through dollar-pegged stablecoins with the passage of the GENIUS Act in July. China’s entry into this competition could accelerate the growth of stablecoins. A New Yuan-Pegged Stablecoin, AxCNH China recently launched the world’s first regulated offshore yuan-pegged stablecoin, with approval from Kazakhstan’s financial authorities source: https://beincrypto.com/is-china-gearing-up-for-a-new-stablecoin-race/