Circle CEO Jeremy Allaire highlights the potential of a yuan stablecoin to enhance the global adoption of China's currency, expanding adoption and global reach for the digital yuan
Circle CEO Jeremy Allaire expressed the belief that stablecoins could play a crucial role in the expansion of China's digital yuan, despite the country's ban on decentralised cryptos. Allaire, whose company is behind the popular USD Coin (USDC) stablecoin, stated that a yuan-based stablecoin might be China's best bet for driving the adoption of its national currency.
While China has been actively cracking down on the use of cryptos, it has simultaneously been spearheading the development and testing of its Central Bank Digital Currency (CBDC), the digital yuan. As of January 2023, the Chinese government reported that approximately 13 billion digital yuan are already in circulation.