JD.com, Ant Push Yuan Stablecoins to Rival Dollar Tokens
JD.com and Ant Group are lobbying the People’s Bank of China (PBOC) to approve Chinese yuan-based stablecoins to counter the dominance of US dollar-pegged tokens. They argue that offshore yuan-backed stablecoins could enhance the yuan's role in global trade. The companies plan to apply for stablecoin licenses in Hong Kong and Singapore, with JD.com proposing to initiate yuan stablecoin issuance in Hong Kong before expanding to China's free trade zones. The yuan's share of global payments has declined to 2.89%, while the dollar holds 48%. Discussions coincide with Hong Kong's new digital asset regulations, which include a licensing regime for stablecoin issuers starting August 1. JD.com aims to apply for stablecoin licenses globally, aligning with PBOC's vision for a multipolar currency system. The stablecoin market cap exceeds $258 billion, predominantly dollar-denominated.
