The CEO of the company that issues USDC just said China will probably launch a yuan stablecoin within five years. He said it in Hong Kong. The irony was not acknowledged.

Circle CEO Jeremy Allaire predicts China will launch a yuan-backed stablecoin within five years, framing currency competition as a technology-driven race. He highlights that while the U.S. dollar dominates the $315 billion stablecoin market, the next phase will hinge on payment infrastructure rather than stablecoin adoption itself.