Digital Currency

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US crypto advocates cite competition with China's interest-bearing e-CNY to push for stablecoin yield clarity, but banks' opposition stalls the Clarity Act. Experts say the two largest economies are pursuing very different digital money strategies.

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China is building parallel financial capabilities rather than directly challenging the dollar's status as the global reserve currency. The e-CNY has become one of the world's most advanced central bank digital currency experiments, processing over 3.4 billion transactions worth about US$2.3 trillion by the end of 2025.

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