JD.com and Ant Group Advocate for Yuan-Pegged Stablecoins to Counter US Dollar Dominance

China's tech giants JD.com and Ant Group are intensifying efforts to challenge the US dollar's digital supremacy by urging Chinese regulators to approve offshore yuan-backed stablecoins. According to Reuters sources, both companies have privately lobbied the People's Bank of China (PBOC) to authorize such stablecoin issuance in Hong Kong.

JD.com has reportedly emphasized the urgent need for yuan-denominated stablecoins to facilitate the currency's internationalization. This view has been echoed by industry leaders, including Wang Yongli, co-chairman of Digital China Information Service Group and former Bank of China executive, who warned of strategic risks if yuan payment systems lag behind dollar stablecoins in efficiency.

HashKey Chairman Xiao Feng noted the growing adoption of dollar stablecoins like USDT among Chinese exporters, stating, 'China can no longer avoid taking action.'

Both companies are positioning themselves in Hong Kong's emerging stablecoin regulatory framework, with Ant Group pursuing licenses in multiple jurisdictions including Hong Kong, Singapore, and Luxembourg to expand its blockchain-powered cross-border payment network. JD.com plans to launch its own Hong Kong dollar-backed stablecoin by year-end, with potential expansion to other fiat-backed stablecoins pending regulatory approval.