China is now stepping into the stablecoin game. After the U.S., South Korea, and Japan rolled out clear strategies, Beijing is accelerating its own. According to Reuters, officials are exploring yuan-backed stablecoins as part of a bigger push to boost the Chinese currency’s global presence, particularly against the U.S. dollar. This is a major pivot. China banned crypto in 2021. Exchanges were shut down. Bitcoin mining operations were forced overseas. At the time, Beijing positioned itself as the most anti-crypto major economy in the world. Fast forward to 2025, and the tone is shifting. Now, regulators are weighing the approval
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