China plans first Yuan-backed stablecoins to challenge dollar dominance

7-8-2025 – China plans to allow the launch of its first stablecoins in a bid to internationalize the renminbi and compete against the US dollar, according to a Financial Times report. Testing of the coins will begin in Hong Kong. The move represents a significant shift in Beijing’s cryptocurrency strategy, as the country maintains its [. source: https://www.cointrackdaily.com/china-plans-first-yuan-backed-stablecoins-to-challenge-dollar-dominance/