China’s Digital Yuan Struggles as Hong Kong Tests Compete with Dollar Stablecoins
China sees the U.S. GENIUS Act and the growing use of dollar-backed stablecoins as a direct challenge to its financial sovereignty. Under the new U.S. law, regulated American banks can issue stablecoins, a move that could put as much as $1.75 trillion into circulation within three years. Those dollar-denominated digital tokens would be able to … Read more