Ex-Bank of China Official Warn USD Stablecoins Dey Threaten China Digital Yuan Plus Global Payment Influence

Wang Yongli wey be former Vice President for Bank of China don yan warning about how US dollar-backed stablecoins like USDT and USDC dey trend sharply. These stablecoins now dey represent more than 99% of all fiat-backed stablecoins, with transaction volume wey reach over $27 trillion last year—pass payment networks like Visa and Mastercard. Wang talk say this trend dey give US dollar strong power for digital finance, dey strengthen im hold for global payments and na challenge to China wey dey try internationalize yuan and expand digital yuan (e-CNY). E talk say make Chinese policymakers quicken development of digital yuan and think about launching offshore yuan stablecoins for Hong Kong to better support global CNY payments and fight USD stablecoin influence. Recent regulatory moves for US and Hong Kong, including stablecoin licensing and new digital asset frameworks, don make dollar position stronger. Wang still recommend to combine digital identity system with digital currency infrastructure to boost China's competition. Even though crypto trading and private tokens wey dey restricted for mainland China, Wang suggest make dem selectively allow enterprise-level applications and possible participation of e-CNY for multi-CBDC cross-border settlement networks. As USD stablecoins dey grow fast, China face big policy challenge to keep relevance and influence for the changing world of international digital payments. Crypto traders need watch regulatory changes and stablecoin trends for US and China because e fit affect liquidity, demand, and global flows wey relate to CNY, USD, and major stablecoins.