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Digital Currency Showdown: Chinese Tech Giants Plot Yuan Stablecoin Strike Against the Dollar

2025-07-04 09:40:43

Main Idea

Chinese tech giants are advocating for the development of yuan-backed stablecoins to counter the dominance of the U.S. dollar in the digital economy, amid concerns over the dollar's growing influence through stablecoins like USDT.

Key Points

1. Chinese tech giants, including JD.com, are pushing for yuan stablecoins due to fears of the U.S. dollar's dominance in the digital economy.

2. U.S. officials have highlighted the potential of dollar-based stablecoins to extend the greenback's hegemony and urged the U.S. government to establish a regulatory framework for stablecoins.

3. The growing adoption of stablecoins like USDT, backed by U.S. Treasuries, has prompted calls for China to reconsider its stance on digital assets.

4. Wang Yongli, a former vice head at the People’s Central Bank, warned that the yuan's inefficiency in cross-border payments compared to dollar stablecoins poses a strategic risk.

Description

Chinese tech giants are urging the central bank to grant them permission to issue yuan-backed stablecoins in a bid to challenge the growing dominance of dollar-based stablecoins. Countering Dollarization of the Digital Economy Chinese tech giants JD.com and Ant Group are reportedly urging the central bank to permit them to issue yuan-backed stablecoins to counter

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