JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters
Main Idea
JD.com and Ant Group are advocating for yuan-based stablecoins in Hong Kong to reduce reliance on U.S. dollar-linked digital currencies and promote the yuan's global role.
Key Points
1. JD.com and Ant Group are urging China's central bank to approve yuan-backed stablecoins to counter the dominance of U.S. dollar-linked stablecoins.
2. Both companies plan to issue Hong Kong dollar-backed stablecoins once local legislation takes effect on August 1.
3. The initiative aligns with China's broader strategy to internationalize the yuan and reduce dependence on private stablecoins, which were banned in 2021.
4. The push for yuan-based stablecoins is part of efforts to strengthen the digital yuan (e-CNY), China's central bank digital currency (CBDC).
Description
China’s JD.com and Ant Group are pressing the central bank to permit yuan-based stablecoins to counter the rise of U.S. dollar-linked digital currencies, Reuters reported on Friday . They propose launching stablecoins in Hong Kong backed by the offshore yuan, aiming to boost the Chinese currency's global role. Both firms already plan to issue Hong Kong dollar-backed stablecoins once local legislation begins August 1 . However, JD.com is advocating for offshore yuan stablecoins as a strategic mov...
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