Key Takeaways:

• Circle CEO Jeremy Allaire predicted China could launch a yuan-backed stablecoin within 3 to 5 years.
• USDC grew 72% year-on-year to $75.3 billion by end-2025, boosted by U.S.-Iran war demand for portable dollars.
• Hong Kong has already issued stablecoin licenses to HSBC and others, positioning it as a likely launchpad for CNY tokens.

Allaire: ‘There’s a Tremendous Opportunity for a Yuan Stablecoin’

Speaking with Reuters in Hong Kong, Allaire said stablecoins have become a mechanism for countries to extend their currencies into global trade and payments. He placed China directly inside that conversation.

“There’s a tremendous opportunity for a yuan stablecoin,” Allaire said. “If there’s currency competition, you want your currency to have the best features possible. This is becoming a technological competition.” Allaire put a timeline on it. He said China could roll out a yuan-backed digital token within the next three to five years.

The comment carries weight given Circle’s position in the market. The Boston-based company issues USDC, the world’s second-largest stablecoin by circulation, fully backed by U.S. dollar reserves. USDC grew 72% year-on-year to $75.3 billion in circulation by the end of 2025. As of April 16, defillama.com stats show USDC’s market cap stands at $78.621 billion.

Allaire also said Circle recorded “several billion dollars” in USDC transaction growth following the outbreak of the U.S.-Iran war. He attributed the increase to demand for portable digital dollars during periods of heightened geopolitical risk.

A yuan stablecoin would mark a significant shift in China’s approach to digital assets. The country banned cryptocurrency trading and mining in 2021, citing financial stability concerns. The People’s Bank of China (PBOC) reaffirmed that position in November 2025.

China has advanced a state-controlled alternative through its e-CNY digital yuan pilot program. But Allaire’s framing positions a private or regulated stablecoin as a more flexible tool for offshore trade settlement, where the e-CNY’s tight controls work against broad adoption.

Reuters reported in August 2025, citing sources, that China was considering yuan-backed stablecoins as part of a yuan internationalization strategy. Tech companies including Ant Group and JD.com were reported to have lobbied for approval. In February 2026, the PBOC moved to ban unregulated offshore issuance of yuan-pegged tokens, stating such instruments “perform some functions of legal tender.”

The yuan currently accounts for roughly 2.9% of SWIFT payments. The U.S. dollar holds approximately 47%. A blockchain-native yuan instrument could, in theory, lower the friction for yuan settlement in emerging markets and Belt and Road trade corridors without requiring full currency convertibility.

Hong Kong is functioning as a testing ground. Allaire said Circle sees significant opportunities there, noting that the city is already a cross-border payments hub and has issued stablecoin licenses to institutions including HSBC. He said Circle is actively exploring ways to integrate Hong Kong dollar stablecoins into global platforms.

Circle shares (NYSE: CRCL) gained roughly 1% in pre-market trading following the Reuters interview. The stock has drawn attention from investors tracking the expansion of regulated stablecoin infrastructure.

On the U.S. regulatory front, Allaire commented on the CLARITY Act, which has raised questions about whether it would restrict stablecoin products marketed as interest-bearing savings alternatives. He said any such marketing limits would affect distributors more than issuers like Circle. Whether China moves forward with a yuan-pegged token, the architecture for digital currency competition is already in place.

Got story updates? Submit your updates here. ›

The White House is pushing Congress to pass a cryptocurrency market structure bill as the midterm elections approach. Treasury Secretary Scott Bessent, White House crypto adviser Patrick Witt, and former AI and crypto czar David Sacks have all called for the bill’s passage in recent days. The legislation aims to clarify the regulatory oversight of digital assets, with the House having already passed its version. However, the Senate has been slow to act, and it’s unclear if the White House’s eleventh-hour push will be enough to get the bill across the finish line before November.

Why it matters

The cryptocurrency market structure bill represents a key policy priority for the crypto industry in Washington. Passing the legislation would provide much-needed regulatory clarity and help solidify the U.S.’s standing as a global leader in digital finance. Failure to act could cede that position to other countries. The White House is now racing against the clock to get the bill through Congress before the midterm elections, which could shift the political dynamics.

The details

The bill, often referred to as market structure legislation, aims to split oversight of the crypto market between two financial regulators by clarifying when digital assets are considered securities or commodities. While President Trump signed another crypto bill, the GENIUS Act, into law last July, market structure represents the crown jewel of the industry’s policy ambitions in Washington. The House passed its version of the market structure bill, known as the CLARITY Act, alongside the stablecoin measure last year. But the Senate has opted to craft its own legislation, leading to a dispute between the banking and crypto industries that has held up negotiations since January.

• The White House is turning up pressure to pass the cryptocurrency bill as Congress returns from a two-week recess.
• The legislation needs to be passed before November’s midterm elections, as the political dynamics could shift afterwards.

What they’re saying

What’s next

The Senate Banking Committee will need to hold a markup on the cryptocurrency market structure bill in order to send it to the full Senate for a vote before the midterm elections in November.

Key Takeaways:

• Stables and Mansa partnered to launch a liquidity layer for USDT corridors across Asia on April 15, 2026.
• The move targets the 60% of global stablecoin flows in Asia that are underserved by 99% of local banks.
• Stables will leverage Mansa’s liquidity to scale its $1.5 billion annualized volume across 150 currencies.

Bridging Asia’s Stablecoin Connectivity Gap

Stables, an API-first infrastructure platform, has announced a strategic partnership with settlement provider Mansa to address Asia’s stablecoin connectivity gap. The partnership introduces a dedicated liquidity layer for Stables’ fiat-to- USDT corridors, allowing fintechs and developers to bypass fragmented banking systems and settle transactions instantly.

Although the region drives 60% of global stablecoin flows, only 1% of local banks currently support the technology, leaving 150 currencies underserved. Mansa, which has processed $394 million across 40 currency corridors since its August 2024 debut, will provide the settlement liquidity underpinning the integration.

“Asia is the world’s most active stablecoin market, yet the underlying pipes are broken,” said Bernardo Bilotta, CEO and co-founder of Stables. “By partnering with Mansa, we are providing the deep liquidity necessary to turn USDT into a functional tool for cross-border commerce at scale.”

Stables has seen rapid institutional adoption and now processes more than $1.5 billion in annualized payment volume. Its single API covers compliance, banking and settlement, offering a streamlined alternative to unregulated payment rails. Licensed in Australia, Europe and Canada, Stables positions itself as a compliance-first solution, handling identity verification, sanctions screening and travel rule requirements.

Mansa’s role is to supply short-term liquidity that stabilizes corridors during volatile periods, ensuring reliable on-ramps and off-ramps. This mirrors the evolution of traditional fintech, where orchestration layers integrate specialized partners to deliver seamless user experiences.

“Stables has built exactly what Asia’s stablecoin market has been missing — a compliance-first API that works across 150 currencies,” said Mouloukou Sanoh, co-founder and CEO of Mansa. “We’re excited to be the liquidity behind it, making sure the capital is there when the volume shows up.”

The partnership marks the first in a series of ecosystem developments for Stables, reinforcing its role as the orchestration layer for USDT in Asia. The company continues to expand its corridor network to meet growing demand from fintechs and institutions.