Chinese Tech Giants Alibaba and JD.com Urge Central Bank Approval for Yuan-Based Stablecoins
2025-07-04 09:40:08
Main Idea
Chinese tech giants Alibaba and JD.com are urging the People’s Bank of China to approve yuan-based stablecoins to counter the dominance of US dollar stablecoins in the $247 billion global market.
Key Points
1. Alibaba and JD.com are pressuring China's central bank to authorize yuan-based stablecoins to reduce reliance on US dollar stablecoins.
2. Hong Kong’s stablecoin regulations, effective August 1, 2025, are among the world’s most rigorous, prompting these companies to plan Hong Kong dollar-backed stablecoins.
3. The yuan’s share of global payments dropped to 2.89% in May, while the dollar commands 48.46%, highlighting the urgency for yuan-based stablecoins.
4. JD.com and Ant Group are testing stablecoins in Hong Kong’s regulatory sandbox, with plans to expand to other financial hubs like Singapore and Luxembourg.
5. Chinese businesses are increasingly using USDT for trade settlement, with a five-fold growth in monthly USDT trading volume by Chinese clients since 2021.
Description
Chinese tech giants JD[dot]com and Alibaba affiliate Ant Group are pressuring the People’s Bank of China to authorize yuan-based stablecoins. The companies are proposing to launch an offshore yuan in Hong Kong to counter the U.S. dollar’s dominance in digital payments and accelerate the yuan’s internationalization, according to Reuters . The lobbying effort comes as Hong Kong’s comprehensive stablecoin regulations take effect August 1, 2025 , establishing one of the world’s most rigorous framewo...
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