Will China’s Stablecoin Further Push For De-Dollarization?
According to a Financial Times report, China plans to allow the launch of its first stablecoin. Hong Kong policymakers recently passed legislation that allows licensed businesses to issue tokens backed by any fiat currency. According to Chen Lin, director of the Centre for Financial Innovation and Development at the University of Hong Kong, China has become increasingly interested in crypto and stablecoins. The coming of the US dollar-backed stablecoin era was seen as a way to revive the USD’s lustre. A yuan-pegged stablecoin could challenge the USD stablecoin sector and further strengthen China’s de-dollarization plans. Is a Yuan-Pegged Crypto a Part of China’s De-Dollarization Plans? Source: Watcher.Guru Stablecoins have seen a significant rise in popularity over the last few years. Dollar-pegged cryptocurrencies are also seen as a way to revive the US dollar. According to David Sacks, the White House cryptocurrency czar, dollar-pegged crypto assets will increase the...