Circle Internet Group (NYSE:CRCL) CEO Jeremy Allaire said China could launch a yuan-backed stablecoin within three to five years, calling it a “tremendous opportunity” as digital money integrates into global trade.
The Yuan Play
China wants to expand the yuan’s role in the global financial system, and stablecoins have emerged as a way to export a currency by making it easier for global payments, Allaire told Reuters.
“There’s a tremendous opportunity for a yuan stablecoin,” Allaire said in an interview in Hong Kong.
“If there’s currency competition, you want your currency to have the best features possible. This is becoming a technological competition,” he added.
Reuters reported last August that China was considering a yuan-backed stablecoin to boost adoption of its currency globally.
Such a move would mark a major shift in China’s approach toward digital assets after the country banned cryptocurrency trading and mining in 2021.
The Iran War Bump
Circle recorded several billion dollars in USDC (CRYPTO: USDC) transaction growth following the outbreak of the U.S.-Iran war as heightened geopolitical risks boosted demand for portable digital dollars.
Circle’s USDC, the world’s second most-held stablecoin, grew 72% year-over-year in circulation to $75.3 billion by the end of 2025, according to quarterly results.
The Hong Kong Hub
Hong Kong is a hub for cross-border payments and settlement, Allaire said.
Circle sees significant opportunities to work with Hong Kong dollar stablecoins to integrate them into global platforms.
Circle is also at the center of debate over U.S. crypto regulation. The CLARITY Act has been closely watched over whether it could restrict interest-bearing stablecoin products being marketed as bank savings.
Allaire said any limit on marketing could affect stablecoin distributors more than issuers.
CRCL Chart Recovery
CRCL is essentially flat with premarket up 1.5% to $106.90, holding above the $100 mark reclaimed last week.
After bottoming near $58 in February 2026, shares have nearly doubled from the lows.
Price has now cleared all four EMAs: 20 at $98.74, 50 at $94.97, 100 at $96.71, and is approaching the 200 EMA at $116.79—the last major overhead obstacle before a full trend reversal can be declared.
The SAR at $84.79 sits well below price, keeping the daily bias firmly bullish. The green support zone between $80-$95 has now flipped to a strong base.
Key support sits at $98.74 (20 EMA), then $94.97, then $84.79 (SAR). Resistance clusters at $116.79 (200 EMA), then $150-$160 (major resistance zone).
A weekly close above $116 would be a major statement—the first time above $100 with all EMAs below price since mid-2025.
Image: Shutterstock
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