US EditionWill China’s Stablecoin Further Push For De-Dollarization?
CHINA, AUG 6 – China will use Hong Kong's new Stablecoins Ordinance to issue yuan-backed stablecoins focused on business-to-business use, aiming to reduce dependence on the US dollar, officials said.
- Hong Kong implemented its new Stablecoins Ordinance on August 1, requiring licensed issuers to meet strict standards under HKMA supervision.
- This legal framework facilitates China’s plan to launch its first stablecoins via Hong Kong as part of efforts to internationalize the renminbi.
- Ant Digital announced Jovay, a Layer 2 blockchain for real-world asset tokenization, which is slated for official launch in September to enable real money transactions.
- Chen Lin highlighted China's increasing enthusiasm for cryptocurrencies and stablecoins, while BlackRock CEO Larry Fink suggested that the U.S. dollar's dominance as the world's primary reserve currency could eventually change.
- A stablecoin tied to the yuan has the potential to disrupt the US dollar’s leading position and advance efforts toward de-dollarization, although completely supplanting the dollar remains a significant challenge.
16 Articles
16 Articles
China to Debut First Stablecoins: Report
China is set to allow the launch of its first stablecoins as part of a strategic effort to internationalize the renminbi and compete with the U.S. dollar in global markets, according to a report from the Financial Times. The plan involves testing and issuing stablecoins through Hong Kong, which has enacted a new legal framework allowing licensed businesses to issue tokens backed by fiat currencies. Hong Kong’s new Stablecoins Ordinance, effectiv…
China is taking a cautious but strategically important step towards the future of crypto: for the first time, stablecoins are to be introduced with official approval via Hong Kong. The [...] The article China relies on its own stablecoin – cryptoadaptation continues to advance appeared first on cryptoscene.de.
Hong Kong Nearing First Yuan Stablecoin as China Takes on U.S. Crypto Lead
China is reportedly ramping up plans to launch a Yuan-backed stablecoin in Hong Kong. China’s stablecoin bid aims to compete against the US dollar amid increasing interest in stablecoins among state-owned enterprises and e-commerce giants. Some concerns that could slow the widespread licensing for stablecoin issuance include capital outflow, money laundering, and currency speculation. China is ready to consolidate its rivalry against the US doll…
INSIGHT: Hong Kong stablecoin bill’s client identity rules spark industry concern - AML Intelligence
This content is for members only. Visit the site and log in/register to read. The post INSIGHT: Hong Kong stablecoin bill’s client identity rules spark industry concern appeared first on AML Intelligence.
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
