Circle CEO sees ‘tremendous opportunity’ for yuan stablecoin despite China curbs

Circle’s Jeremy Allaire sees “tremendous” room for a yuan stablecoin, despite China banning most private yuan tokens and pushing its CBDC to challenge US dollar stablecoins.

Circle CEO Jeremy Allaire says there is “tremendous opportunity” for a yuan-backed stablecoin, despite Beijing’s formal moves against most private renminbi-linked stablecoins and commitment to its own digital yuan. 

Speaking to Reuters in Hong Kong on Thursday, Allaire framed stablecoins as a way for China to “export” its currency by making global payments easier, as digital money becomes more tightly woven into trade and finance, and said the country could roll out a yuan-backed stablecoin within three to five years. 

Geopolitical rivalry over money is increasingly being waged in code as much as in central bank policy, and Allaire’s comments sharpen a deeper question: Can governments that clamp down on private digital currencies afford to shun them if they want to compete globally?

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