EddieJayonCrypto
24 Mar 25
The deputy director of China’s National Laboratory of Finance and Development suggests that China should expand the scope of its digital yuan in response to President Trump's support for cryptocurrencies. Zhang Ming emphasizes the dominance of US dollar stablecoins in the digital currency space and ...
China is urged to expand its digital yuan to counter the dominance of the US dollar in the cryptocurrency market. The deputy director of China’s National Laboratory of Finance and Development, Zhang Ming, suggests that China should increase the coverage of its digital yuan and develop Chinese stablecoins to challenge the influence of the US dollar. This comes in response to President Trump’s support for dollar-backed stablecoins. Zhang advocates for expanding the use of digital tokens on internet platforms to enhance the international monetary status of the RMB.
Zhang emphasizes the dominance of US dollar stablecoins in the digital currency space and proposes expanding the scope of the digital yuan to M1 or even M2. He urges the development of Chinese stablecoins to counteract the US dollar's influence and prevent its dominance in the stablecoin and digital asset markets.
President Trump's recent statements in support of dollar-backed stablecoins as a means to maintain the US dollar's global supremacy has prompted Zhang Ming to call for China to escalate the coverage and assets of its digital yuan. He also advocates for the development of Chinese stablecoins to counter the US dollar's influence in the digital currency market. Zhang insists that expanding the use of digital tokens on internet platforms will significantly enhance the international monetary status of the RMB to meet the challenges posed by the US dollar stablecoin.