Circle CEO Jeremy Allaire suggested that Beijing should consider allowing Chinese Yuan-backed stablecoins to internationalize its currency, as they may be a better option than central bank digital currency (CBDC) for trade and commerce. Allaire believes that stablecoins and CBDCs are complementary, but stablecoins are superior.

However, the Chinese government may be hesitant to allow this due to its economic policy of capital controls and a ban on free convertibility of the yuan. Other stakeholders believe that China is unlikely to challenge the dollar's dominance by opening its capital markets and allowing full currency convertibility.