China Turns to Offshore Yuan Stablecoins as Digital Yuan Stalls

China is shifting its digital currency strategy. After years of pushing the digital yuan, Beijing is now turning to yuan-pegged stablecoins to boost cross-border payments—especially in Belt and Road Initiative (BRI) countries. In mid-July, Sina Finance reported that Conflux Network, a Shanghai-backed layer 1 blockchain, partnered with fintech firm AnchorX and Eastcompeace Technology to launch […]

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