New decentralized stablecoin in China targets international trade

New decentralized stablecoin in China targets international trade

Conflux will provide the technology to launch an offshore RMB stablecoin pegged to China’s CBDC, the digital yuan. As financial authorities around the globe become increasingly concerned about stablecoin regulation, a jurisdiction in China is preparing to pilot a new yuan-pegged stablecoin for international trade.Chris Banbury, head of global operations at permissionless blockchain project Conflux, told Cointelegraph on Sept. 21 that the firm will provide its technology to launch an offshore renminbi (RMB) stablecoin pegged to China’s central bank digital currency (CBDC), the digital....


Related News

Why China’s Cybersecurity Law Threatens International Businesses and Innovation

China has the world’s largest market for digital shopping, mobile payments and Internet-enabled financial services. Close to 400 mln people in China conduct most of their payments using their smartphones. China’s overall business in information technology is a market of well above $300 bln, and it is estimated that more than 700 mln Chinese have access to the Internet. So any law impacting the online space - cybersecurity included - will make ripples in the way China does business. That’s why its new cybersecurity law - due to take effect in June of next year - is particularly alarming. It....

China Seeks To Reduce Dependence On Dollar, Proposes To Issue An Asian Yuan

Amid the ongoing global CBDCs adoption, China proposes an Asian-wide digital currency to reduce the continent’s economic reliance on the US dollar. USD is unquestionably the most widely used international currency. The International Monetary Policy is also based on the US dollar. Many countries’ economies rely on the USD for international trade and exchange, while […]

DAI Takes the Reigns as the Leading Decentralized Stablecoin by Market Capita...

Following the demise of the Terra-based stablecoin UST, the fiat-pegged token DAI has become the largest decentralized stablecoin in existence today. Moreover, Makerdao has regained the decentralized finance (defi) protocol’s position as the top defi protocol in terms of total value locked (TVL). Makerdao’s DAI Regains the Top Decentralized Stablecoin Position This month, it’s quite clear that the Terra LUNA and UST fallout has rippled across defi and the crypto ecosystem in general. Furthermore, the Terra implosion has allowed the stablecoin DAI to regain its position....

Stablecoin Flippening: UST Becomes the Biggest Decentralized Stablecoin By Ma...

UST, one of the stablecoins of the Terra project, has become the largest stablecoin by market capitalization today, after having surpassed its Ethereum-based rival, DAI. UST is now the largest decentralized stablecoin in the market, closing a year of growth for the Terra ecosystem, which is now among the most valuable top ten cryptocurrency projects in the market. UST Flips DAI As The Most Valuable Decentralized Stablecoin UST, one of the stablecoins derived from the Terra project, has become the most valuable project of its kind by market cap, taking the spot that DAI, another....

TRON Joins Stablecoin Wars Will Launch USDD With 30% APY, Here Is When

Founder of TRON Justin Sun announced the launch of an algorithm stablecoin on this network. Called USDD, the digital asset will be deployed on May 5, 2022, and will offer users a basic “risk-free” interest rate of 30% annual percentage yield (APY). Related Reading | TA: Bitcoin Technicals Suggest Bulls Aim Sharp Move Above $42K The stablecoin will be available on TRON, but users can access it from Ethereum and the Binance Smart Chain. According to the open letter, the digital asset will be launched in partnership with “major blockchain players” and will be “the most decentralized....