China, Japan, and Other Nations to Contest USD-Pegged Stablecoin Initiative

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Aug 28 2025

Impact of USD-Pegged Stablecoins: The U.S. economy benefits from USD-pegged stablecoins, which strengthen the dollar and encourage other countries to issue their own stablecoins to bolster local currencies.
Global Competition: Countries like Japan and China are developing their own stablecoins, with Japan planning a yen-pegged stablecoin and China working on a yuan-pegged version to counteract the dominance of USD-pegged stablecoins.
European Union's Response: The EU is accelerating its plans for a digital euro in response to the rise of USD-pegged stablecoins, considering using public blockchains like Ethereum and Solana for its implementation.
Challenges Ahead: While stablecoins offer opportunities for growth, there are concerns about privacy, control over transactions, and the potential impact on local banks and economies as global demand shifts towards USD-backed digital currencies.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

China, Japan, and Other Nations to Contest USD-Pegged Stablecoin Initiative

About the author

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