Central bank (PBOC) mandates halts on offshore tokenization projects as potential yuan-backed coins challenge dollar dominance.
1 report, 1 independent
Updated Aug 9
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What happened
Central bank (PBOC) mandates halts on offshore tokenization projects as potential yuan-backed coins challenge dollar dominance.
Who's involved
What this event is mainly aboutKeep exploring
The entities involved
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Circle
peer-to-peer payments technology company
- Coinbase operates as a leading regulated crypto exchange, utilizing its Base Layer-2 network built on Ethereum, and shares revenue with Circle in the USDC ecosystem.
- Hana Bank is participating in a settlement network trial involving the Bank of Korea, while Binance announces a $100M investment to promote Circle's USDC.
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People's Bank of China
central bank of the People's Republic of China
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Ant
American record producer
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JD.com
Chinese e-commerce company
Related events
- PBOC signals resistance to yuan strength and sets midpoint to slow appreciation, noting AUD as a proxy for Chinese growth.
- The U.S. signals pressure on China to act faster regarding stablecoins and private digital currencies amid regulatory clarity.
- Banks are launching stablecoin initiatives as a competitive strategy to counteract the growing market share of non-bank financial competitors.
- The Fed has proposed new anti-money laundering rules specifically for stablecoins, while Circle is simultaneously exploring its evolution into a federally chartered bank.
- MoneyGram chose Circle's USDC for payments, amidst intense stablecoin market competition and the dissolution of past partnerships.