Expert: Digital Yuan Will Have a Hard Time Displacing Tether in Asia

[Jentot]

Expert: Digital Yuan Will Have a Hard Time Displacing Tether in Asia

China’s CBDC wants to displace the U.S. dollar, but Genesis Block’s Charles Yang believes it doesn’t offer a compelling alternative to USDT.



China’s central bank digital currency is usually identified as a way to challenge the dominance of the U.S. dollar, not Bitcoin (BTC). But it may struggle to find adoption in niches where crypto versions of the dollar thrive, primarily Tether (USDT).

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[Alcor]

It seems that the population of China will very quickly switch to using the digital renminbi. Following this, the digital yuan should quickly spread to China's trade with other countries, primarily with regard to the supply of goods using the Internet.
Of course, it is still difficult to predict how the relationship between the digital renminbi and other types of stable coins will develop. However, it seems that the dollar in this region will still be crowded out.

[kent47400]

Digital Yuan is nothing compared to Tether who is worldwide.
Tether has a lot more capacity for financial and support issues.

Then Digital Yuan is also a good digital currency from China but Tether is one step ahead.
For any proof , you can check ranking Tether on Coinmarketcap !

[themeritedone]

I beg to differ on this. When a government is behind a currency I think it will get more popular and will be widely adopted and in a quicker time than the alt currency.

[IyemRoker]

That's obvious because USDT was famous before YUAN digital was founded.
USDT is widely used in various exchanges for well-known cryptocurrencies such as Bitcoin, Ethereum, RIppled etc.

YUAN is still like a baby who is about to be born and this needs a careful assessment and scheme to beat USDT.