China’s Answer to the Digital Dollar: A New Push for a Yuan-Backed Stablecoin
2025-07-03 17:22:03
Main Idea
China's tech giants JD.com and Ant Group are urging Beijing to authorize a yuan-based stablecoin to counter US dominance in the digital asset space, following the US's passage of the GENIUS Act.
Key Points
1. JD.com and Ant Group propose a yuan-pegged stablecoin to promote the Chinese currency's global adoption and counter the US dollar's influence.
2. The push comes after the US passed the GENIUS Act, which provides clarity on dollar-linked cryptocurrencies.
3. The proposed stablecoin aims to reverse China's 2021 ban on cryptocurrency development in the region.
4. The parallel moves by the US and China set the stage for a new kind of competition in the digital finance space.
Description
Stablecoin regulatory framework progress in the US triggers a reaction from China. China’s tech giants urge the government to respond to the US stablecoin achievements. JD.com and Ant Group suggest a countermove to promote the Chinese yuan. To counter an incoming US dominance in the digital asset space, China’s tech giants JD.com and Ant Group, an affiliate of Alibaba, are now urging Beijing to authorize a yuan-based stablecoin, a countermove after the U.S. passed the GENIUS Act for clarity on d...
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