China Should Consider Yuan-Backed Stablecoins Instead of CBDCs, Circle’s Allaire Says

Although Allaire views stablecoins as a superior option to CBDCs, he said the two are complimentary. “If central banks are going to upgrade their own systems to move away from legacy technology into more modern distributed ledger technology, that’s great,” he told SCMP. “There’s a whole bunch of things that are useful from that, but I view that as very different than the work that the private sector does to innovate on the public internet.”

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• Source: https://www.coindesk.com/business/2023/07/11/china-should-consider-yuan-backed-stablecoins-instead-of-cbdcs-circles-allaire-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines