Coinspeaker
Circle CEO Advocates for Yuan-Backed Stablecoins Instead of CBDC in China
Jeremy Allaire, the co-founder and CEO of stablecoin issuer Circle Financial, has recently urged Chinese authorities to consider yuan-backed stablecoins as a viable alternative to Central Bank Digital Currencies (CBDCs). Circle CEO’s suggestion comes amid China’s ongoing efforts to develop its own CBDC, the digital yuan.
In an interview with the South China Morning Post, the Circle boss highlighted the potential benefits of yuan-backed stablecoins for China’s international trade and commerce. He emphasized that if the Chinese government aims to see the yuan being widely used around the globe, stablecoins could be the path to achieve that goal. While he acknowledged that stablecoins and CBDCs are complementary, he believes stablecoins offer unique advantages compared to the central banks-issued virtual currencies.
“If, eventually, the Chinese government wants to see the RMB used more freely in
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