Stablecoin Push Gains Ground in China in New Challenge to US

China faces growing calls from policy advisers and economists to explore using stablecoins for cross-border payments, as the US moves to entrench the dollar’s dominance through the still-emerging technology.

While China hasn’t formally embraced stablecoins — digital tokens pegged to traditional currencies — and maintains a sweeping ban on crypto activities, recent remarks from senior central bank officials have given fresh momentum to discussions about their potential role in global payments.