The former general director of the largest crypto-story world Binance Changpeng Zhao, at the Webx conference in Tokyo, that the digital currencies of central banks are already becoming useless due to the accelerated development of stabilcoins.

Zhao noted that in the global market, stablecoins dominate the digital currencies of the Central Bank (CBDC), since they are much more often used to make money transfers and international calculations. Some Central Banks began to study the capabilities of their own digital currencies back in 2013, continuing to experiment with them until 2020. However, at least 10 countries have stopped pilot projects for CBDC testing due to the lack of demand for them, Zhao emphasized. He noted that only a few CBDC managed to reach the stage of acceptance: this is the Bahamas Sand Dollar, the Nigerian Enair and the Gansky Eatedi.

At the same time, many states begin to change positions regarding digital assets, in particular, stablecoins, creating a regulatory framework for them. This summer, US President Donald Trump signed the Genius Law, which regulates the release and appeal of stablecoins. In June, Hong Kong Cash Contracts (HKMA) clarified the requirements for the issuers of stablecoins tied to the Hong Kong dollar.

“Digital currencies of the central banks are already obsolete compared to their stronger competitors – stablecoins. Now it is they who attract the attention of users. Stablecoins have more chances to be accepted by a wide market, since they have real security, ”Zhao said.

Recently, the Chinese government began to study the possibility of creating stablecoin, provided by Yuan, in order to withstand the hegemony of dollar stabelcoins. Despite the fact that since 2021 cryptototrading and mining have been prohibited in China, the authorities are ready to study the capabilities of stablecoins to strengthen the positions of the national currency.