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.
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Digital Currency Showdown: Chinese Tech Giants Plot Yuan Stablecoin Strike Against the Dollar
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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.
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