Circle CEO Jeremy Allaire said Yuan-backed stablecoins may offer a more immediate path for China's currency internationalization efforts.
“If eventually the Chinese government wants to see the RMB used more freely in trade and commerce around the world, it may be that stablecoins are the path to do that more than the central bank digital currency,” Allaire said in a recentMore specifically, Allaire said a stablecoin pegged to the offshore Yuan could facilitate increased use of the currency in trade and commerce globally. However, the team behind private CNH and Hong Kong dollar stablecoins was detained in May, according to SCMP.
“I think there is Chinese government support for that,” he added. “That’s different than feeling like it says something about opening up the trading of crypto on the mainland. I don’t think there’s anything there.” “If central banks are going to upgrade their own systems to move away from legacy technology into more modern distributed ledger technology, that’s great,” he said. “There’s a whole bunch of things that are useful from that, but I view that as very different than the work that the private sector does to innovate on the public internet.”
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