China issued a stable coin about five years ago. It is used for all retail payments (I believe, small value, payments for govt employee salaries, etc). Somewhat bizarrely, it is significantly more privacy-protecting than payments in the West.

Quite funny to read comments from people asking what use is crypto. Can tell they have probably never left West Virgina.

Don't think it would be that useful for Iran though as they are already RMB earners, and RMB financial markets are still a bit questionable (there is depth, I don't think anyone knows why this depth exists or what it is actually for, just state-linked banks moving paper between themselves furiously).

Yeah pretty since the start of the conflict there was talk of companies could use Chinese yuan to get an pass through. It also makes more sense they would use the Chinese yuan the West can track or block those transactions.

Not only that the Chinese Yuan is probably more interesting given they can buy more things with it from China things like consumer tech/products, chemicals and rare earths for weapon systems etc.

Tether has one on ethereum but same problem if the US gov tell tether to whip their address it is game over.

China has probably one on another blockchain but I am not sure how easy it is to exit their ecosystem or convert it to anything else...