Jeremy Allaire
In his opinion, digital money is becoming a key tool for integrating national currencies into the system of global trade and finance, Reuters writes.
In an exclusive interview with Reuters in Hong Kong, Allaire emphasized that China openly states its intention to expand the role of the yuan in the global financial system. In this context, stablecoins become an ideal mechanism to “export” the currency, making global cross-border payments faster and cheaper.
“There are tremendous opportunities for the renminbi steblecoin,” Allaire said confidently. – In a currency competition, you want your national currency to have the best possible features. Today it’s turning into a technological race”.
The Circle CEO predicts that China could launch a yuan-backed stablecoin in the next three to five years.
The creation of a yuan-based stablecoin would be a radical reversal of China’s hardline policy toward digital assets. In 2021, Beijing completely banned cryptocurrency trading and mining on its territory, citing a threat to the stability of the financial system. More recently, in November 2025, amid another global frenzy around digital assets, the People’s Bank of China officially reaffirmed its adamant stance on virtual currencies.
Allaire noted that the recent escalation of the U.S.-Iran war has triggered an additional jump in USDC transactions of “several billion dollars.” Heightened geopolitical risks are driving investors and businesses around the world to seek out secure and highly mobile “digital dollars” to preserve capital and make settlements that bypass the traditional banking system.
