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

Although Allaire sees stablecoins as a better alternative to CBDCs, he says the two complement each other. “If central banks are going to upgrade their own systems to move away from legacy technology to more modern distributed ledger technology, that’s great,” he told SCMP. “There are a lot of things that are useful from that, but I see it as very different from the work that the private sector does to innovate on the public Internet.”