Alipay denies supporting USDC trades after Peer launches CNY stablecoin service

Chinese payments giant Alipay has refuted claims that it supports cryptocurrency trading through third-party platforms following an announcement by Peer, a decentralized peer-to-peer trading marketplace, about a new service enabling users to buy and sell the stablecoin USDC with Chinese yuan via Alipay’s payment network. Peer stated on October 27 that it had launched a beta service allowing users to purchase USDC by paying sellers in yuan through Alipay, or to sell USDC in exchange for yuan.