Circle CEO: Stablecoins Could Boost Global Use of China's Digital Yuan

Renminbi Stablecoin: Catalyst for Global Adoption of Chinese Currency

Circle CEO Jeremy Allaire proposed that stablecoins could facilitate wider use of China's digital yuan globally, despite China's stance against decentralized cryptocurrencies. He suggested in an interview that a renminbi-based stablecoin might drive global adoption of the Chinese currency more effectively than the Central Bank Digital Currency (CBDC) itself. This follows China's crackdown on cryptocurrencies in 2021 and the subsequent introduction of its own CBDC, the digital yuan (e-CNY).