Yuan's Path to Internationalization: Can an Altcoin do this in Crypto Space?

Permit me to compare the US Dollar and Chinese Yuan's market relationship with Bitcoin -Altcoins relations. We are at the predicted verge of a major crypto bull season in response to Blackrock's ETF Approval debates/news. While a $100k BTC price is predicted, I'm thinking of the possibility of an altcoin to hit that level in price or surpass it now or in the future. But that sounds like as an impossibility.

Chinese Yuan Overtakes Euro, Pursues Dollar in Global Trade

In a recent news featuring a SWIFT (Society for Worldwide Interbank Financial Telecommunications ) shakeup, Yuan has reportedly dethroned Euro as Runner-Up in Trade Finance Markets. SWIFT being the standard payment solution for cross-border payments, revealed that the Chinese Yuan overtook the Euro as the second most used currency international trade finance markets. However, the dollar is still in first place, with more than an 80% share in these payments. This can be likened to the present state of the crypto markets by volume, where $BTC is leading with over 30% in daily transaction ratio.

The monthly reporting and [statistics](file:///C:/Users/GraceField%20Pc/Downloads/rmb-tracker_october-2023_final_ast.pdf) on renminbi (RMB) progress towards becoming an international currency as published by SWIFT, keeps track of the advances of the Chinese Yuan on its path to internationalization. SWIFT revealed that the Yuan reached a 5.80% share in September, overtaking the European currency. The euro obtained a share of 5.43%, while the Japanese yen placed fourth with a 1.40% share. Also, the Yuan grew by almost one percent in a month, having scored a utilization of 4.82% in August.

[Source](file:///C:/Users/GraceField%20Pc/Downloads/rmb-tracker_october-2023_final_ast.pdf)

In March 2023, the Chinese Yuan overtook US Dollar as most used currency to settle cross-border payments in China, in a in deliberate push from the Beijing government to internationalize its currency for payments.

The Chinese yuan was used to settle $549.9 billion in payments, a record number, rising from $434.5 billion in February. The usage of the U.S. dollar for these payments fell from 48.6% to 46.7% during the same period. - source

Without a doubt, the Yuan usage has grown. China has been fostering reliance on its currency and this is linked with the recent geopolitical challenges. That notwithstanding, the growth of the Chinese yuan as an international currency has been very significant, from being the 35th most used currency in 2001 to becoming a top lister in 2023. There are forecasts that the digital Yuan (e-CNY) and the Chinese central bank digital currency (CBDC) could surge more demand for Yuan.

Can an Altcoin do this in Crypto Space?

Relating the above narrative to the crypto space, it is crucial to query the possibility of an alt coin to make some significant moves towards that top spot in crypto ranking, to be at par with or beat Bitcoin, the first cryptocurrency. Everything revolves around usecases. Being able to create more use cases for alt coins is the way out. We really need this to happen. The more there is a deepening use cases for alt coins, the nearer we'll be close to mass adoption.

Thank to the Hive blockchain that is deepening usecases across its communities and dapps. InLEO, Ecency and Dbuzz now provide a case for microblogging. INLEO has gone steps further in designing a subscription model, Ads management and monetizing system, NFTs among others. Every added use case for a Hive dapp and token is an added usecase for Hive.

Challenging Bitcoin's dominance in the crypto market can only happen when utility of altcoins are deepened. It's time to move from just web-based utility to real-life and human-touching utility like some Hive projects are doing. Boreholes in Ghana by @mcsamm & @collinz and Hive Rally by @lordbutterfly are perfect examples among others.

Is internationalization of the digital Yuan possible? Can an Altcoin challenge Bitcoin in Utility? Let's discuss...

If you found the article interesting or helpful, please hit the upvote button, share for visibility to other hive friends to see. More importantly, drop a comment beneath. Thank you!

This post was created via LeoFInance, What is LeoFinance?

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.

Let's Connect

Hive: https://leofinance.io/profile/uyobong/blog

Twitter: https://twitter.com/Uyobong3

Discord: uyobong#5966