Reading time: ~6 minutes Introduction #China is making waves in the crypto and global finance world by exploring the launch of yuan-backed stablecoins. According to reports, the initiative—led by the People’s Bank of China (PBoC)—is designed to expand the renminbi’s role in international trade and settlements. Early pilots are expected to focus on Hong Kong and Shanghai, marking a significant policy shift from the 2021 crypto crackdown. On August 1, 2025, Hong Kong’s Stablecoin Ordinance offici