The Chinese authorities are considering the legalization of stablecoins pegged to the yuan to stimulate the expansion of the national currency’s use in global markets. A decision on this matter is expected to be made by the end of August 2025, when the State Council of the People’s Republic of China is set to review the relevant roadmap.
This is reported by Business • Media
Support Plan for Stablecoins and the Role of Regulators
According to sources, the draft roadmap includes a comprehensive set of measures to promote the yuan worldwide, particularly through support for the issuance of stablecoins based on it. The document outlines clear target indicators for the use of the yuan on international financial platforms, defines the responsibilities of regulators, and provides recommendations for mitigating risks associated with the implementation of digital assets.
A meeting to present this plan is tentatively scheduled for the end of August. Senior officials in China plan to discuss the boundaries of stablecoin usage and outline government policy regarding this market segment.
Prospects for Yuan Internationalization and Response to U.S. Actions
According to sources, official Beijing views stablecoins as an important tool for further internationalizing the yuan, especially in light of the active support for this asset class in the United States.
“Official Beijing sees them as a tool for the internationalization of the yuan, particularly against the backdrop of support in the U.S., one source stated.”
It is worth noting that recently, U.S. President Donald Trump signed legislation regulating the stablecoin market (GENIUS), and Treasury Secretary Scott Bessent believes that these digital assets will help address the issue of national debt.
Earlier reports indicated that China is already testing yuan-based stablecoins in Hong Kong, viewing this as a way to reduce the influence of the U.S. dollar in the region. At the same time, subsequent information emerged that Chinese authorities had demanded brokers to cease promoting such digital currencies, particularly in the media space.
In July 2025, the largest Chinese corporations JD.com and Ant Group applied for licenses to issue stablecoins pegged to the yuan. The companies are convinced that this will give the yuan a competitive advantage over the U.S. dollar on the international stage.