Wang Yongli, former Vice President of the Bank of China, has expressed concerns over China's potential development of a yuan stablecoin following the model of dollar stablecoins. He argues that China already holds a global leadership position in mobile payments and digital yuan, making a domestic yuan stablecoin unnecessary and unlikely to gain significant international traction. Wang cautions that pursuing a yuan stablecoin similar to dollar stablecoins could undermine China's monetary sovereignty and financial stability, potentially turning the yuan stablecoin into a subsidiary of dollar stablecoins and impacting tax, foreign exchange, and cross-border capital flows.