Wang Yongli, former vice head of Bank of China and co-chairman of Digital China Information Service Group, warned that the global expansion of U.S. dollar stablecoins poses a strategic risk to China’s monetary sovereignty, reinforcing the case made by JD.com and Ant Group for offshore yuan stablecoins.

Quotes that support claims

The global expansion of U.S. dollar stablecoins is posing fresh challenges to yuan internationalization. It would be a strategic risk if cross-border yuan payment is not as efficient as dollar stablecoins,” Wang stated.

The global expansion of U.S. dollar stablecoins is posing fresh challenges to yuan internationalisation,” said Wang Yongli, former vice head of Bank of China and co-chairman of Digital China Information Service Group.