Circle CEO says China could launch yuan stablecoin within 3 to 5 years as currency race heats up

What Happened

Circle CEO Jeremy Allaire told Reuters that China could launch a yuan-backed stablecoin within three to five years. Chinese officials explored this option in August 2025 to boost international RMB adoption. Allaire has promoted this idea since 2023. For implementation, China would need to make the yuan fully convertible, removing capital flow restrictions. Currently, capital controls remain central to Chinese economic policy. The global stablecoin market is worth approximately $315 billion.

Key Entities

AI Tools