Are Israel and China Threatening the US Stablecoin Plan?
Israel and China are advancing sovereign digital currency plans, potentially challenging the dominance of US dollar-based stablecoins.Summary
Major economies, specifically Israel and China, are tightening control over digital currencies just as the US seeks to solidify leadership in the stablecoin sector. Israel is accelerating its digital shekel (CBDC) plans while implementing stricter oversight on private stablecoins due to concerns over concentration risk from Tether and Circle. Concurrently, China is aggressively expanding its digital yuan (e-CNY), which recently saw transaction volumes reach $2 trillion, while maintaining a broad ban on private crypto activities to curb capital flight and dependence on US dollar rails. These sovereign digital money initiatives from both nations signal a global shift away from relying on USD-linked stablecoins, challenging the US's ambition for dominance in global payment infrastructure.
(Source：BeInCrypto)