China Mulling the Use of Stablecoin for International Payments

China’s state-owned energy company, PetroChina, moves towards digital finance as it sets its sights on stablecoins for settling cross-border energy ￰0￱ to the announcement , this shift could transform global energy ￰1￱ Forges Ahead in Stablecoin and Crypto Innovation At its semi-annual results conference, the Chief Financial Officer of PetroChina stated that the company will utilize stablecoins for international ￰2￱ effort will simplify and modify cross-border transactions while decreasing dependence on traditional banks. Furthermore, PetroChina is watching the new stablecoin framework in Hong ￰3￱ suggests that the company sees the region as a potential center for blockchain-based ￰4￱ is worth noting that Hong Kong’s clear rules on digital assets make it an appealing place for state-backed companies to test new financial ￰5￱ and RLUSD Gains Recognition in Singapore Meanwhile, the announcement comes as Ripple’s U.

S. dollar-backed stablecoin, RLUSD, is gaining popularity in Singapore’s fintech and blockchain ￰6￱ strengthen its presence in the area, Ripple has invested in Tazapay , a Singapore-based platform for cross-border payments that offers digital payment solutions for global ￰7￱ investment reflects Ripple’s plan to increase the use of RLUSD across ￰8￱ announced the close of its Series B funding ￰9￱ prominent investors participated in the funding round, including Ripple Circle ￰10￱ XV Partners, Norinchukin Capital, and GMO Venture Partners also took part in the funding round. Interestingly, Singapore is not the only place of expansion for the San Francisco-based blockchain ￰11￱ month, the firm made bold moves to bring its U.

S. dollar-backed stablecoin into ￰12￱ blockchain company confirmed that Luxembourg is the first stop in its strategy to expand across the European Economic Area (EEA). China Mulls Yuan-Backed Stablecoins Recently, China’s State Council announced its plan to allow the use of yuan-backed stablecoins for the first ￰13￱ to sources familiar with the matter, this move aims to strengthen the global role of the Chinese ￰14￱ approved, the move is significant toward increasing the international use of China’s currency and reducing reliance on the US ￰15￱ Republic of China has enjoyed remarkable advancements in its crypto sector. China’s development of the digital yuan and its effort in exploring blockchain technology showcase its commitment to driving innovation in ￰16￱ a similar vein, the digital yuan, a Central Bank Digital Currency (CBDC) of the People’s Republic of China, demonstrated impressive growth in ￰17￱ year, it was announced that the CBDC surpassed popular stablecoins USDC and USDT in activity.