China to Approve Yuan-Backed Stablecoins to Expand Global Use

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China plans to consider approving yuan-backed stablecoins later this month to increase the yuan’s global use. These stablecoins, digital currencies linked to the yuan, are expected to make international transactions smoother and build confidence in China’s digital currency. This initiative aims to enhance the yuan’s role in the global financial system and support its wider adoption, helping China strengthen its influence in the evolving digital economy