China's cabinet is set to review a roadmap that may include yuan-pegged stablecoins to promote the international use of the yuan, marking a significant policy shift following its stringent cryptocurrency regulations. If approved, the roadmap could facilitate cross-border trade using the yuan and will be discussed at the upcoming Shanghai Cooperation Organization Summit at the end of August. Meanwhile, Bitcoin dipped below $113,000, leading retail traders to adopt an 'ultra bearish' sentiment, the most negative observed since June, as noted by blockchain analytics firm Santiment. This panic selling is viewed as a potential opportunity for dip buyers. Additionally, Senator Tim Scott expressed optimism that Democrats may support the Climate Act aimed at establishing a digital asset market structure in forthcoming discussions as Congress reconvenes. Scott believes at least 12 to 18 Democrats could back the bill following bipartisan support for previous legislation related to stablecoins.

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