China is reportedly considering allowing the usage of yuan-backed stablecoins for the first time, as per a latest Reuters report. This is a developing story.

China is preparing to consider yuan-linked stablecoins as part of its efforts to expand the currency's use worldwide, in what would represent a significant departure from its previous stance on digital assets.

China is reportedly set to review and possibly approve the issuance of Yuan stablecoins to boost global adoption and compete with the dollar.

China is considering allowing the usage of yuan-backed stablecoins for the first time to boost wider adoption of its currency globally, sources familiar with the matter said, in a major reversal of its stance towards digital assets.

China's cabinet is weighing approval of a stablecoin backed by the yuan as part of a broader effort to expand the currency's global use and bolster its role in international markets, according to a media report published Wednesday.