China could drive renminbi adoption by exploring stablecoin derivative, and not CBDCs, says Circle CEO Jeremy Allaire.
) and all other stablecoins, while stipulating that the CBDC will not be a stablecoin. The website allows users to exchange cryptocurrency for digital yuan through MetaMask or its own conversion portal.Allaire conceded that China is unlikely to warm toward using decentralized cryptocurrencies and stated that Hong Kong’s progressive attitude toward the crypto sector could signal subversive support from the mainland.
“There’s a whole bunch of things that are useful from that, but I view that as very different from the work that the private sector does to innovate on the public internet.”
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