According to @simplykashif, China has quietly introduced a plan to counter USD-backed stablecoins by positioning the digital yuan (e-CNY) against USDT and USDC, as shared in a video update on X; traders should note potential policy-driven shifts in stablecoin usage in CNY-linked markets, source: @simplykashif on X. China’s central bank has been advancing e-CNY domestically and participating in BIS-led Project mBridge for cross-border wholesale CBDC settlement with regional partners, indicating an official alternative to USD stablecoin rails, source: Bank for International Settlements (BIS) Innovation Hub mBridge reports and People’s Bank of China e-CNY program disclosures. USDT remains the dominant stablecoin in East Asia crypto flows, underpinning liquidity on major venues serving the region, which frames the competitive landscape the e-CNY initiative may target, source: Chainalysis Geography of Cryptocurrency reports and Kaiko stablecoin market structure research. Key trading monitors include USDT-CNH OTC spreads, USDT and USDC market share shifts on Asia-facing exchanges, and any official e-CNY cross-border pilot updates that could re-route settlement flows, source: Kaiko market data, exchange public dashboards, and BIS/PBoC public updates.