China is weighing the use of yuan-backed stablecoins for the first time, signaling a major shift in its approach to digital assets. Sources say the State Council may soon approve a roadmap to promote the yuan globally, set regulatory responsibilities, and provide guidelines for risk prevention, Reuters reported.

Senior Chinese leaders are expected to meet to discuss yuan internationalization and stablecoins, defining the boundaries of their use in business. The move would reverse China’s 2021 ban on cryptocurrency trading and mining and aims to strengthen the yuan’s role in global payments, where its share recently dropped to 2.88 percent, far behind the US dollar’s 47.19 percent.

Implementation is expected to be overseen by the People’s Bank of China, with details to be unveiled in the coming weeks, according to Reuters.