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JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters
- JD.com and Ant Group are urging China’s central bank to authorize yuan-backed stablecoins for launch in Hong Kong once new regulations come into effect on August 1.
- This push follows Hong Kong’s May passage of the Stablecoin Ordinance and the introduction of the LEAP framework unifying licensing for virtual asset service providers.
- Both companies intend to launch stablecoins pegged to the Hong Kong dollar following new regulations and are advocating for offshore yuan-backed stablecoins to promote the broader international use of the yuan amid the prevailing dominance of the U.S. dollar.
- Financial Secretary Paul Chan emphasized the goal of fostering a thriving digital asset environment in Hong Kong through careful regulation and support for innovation, aiming to strengthen the city’s status as a global financial hub.
- These developments could reshape global digital payments by supporting China’s ambitions to challenge U.S. dominance and positioning Hong Kong as a fintech hub for yuan stablecoins.
33 Articles
33 Articles
The central bank of China has been pressured by country's technological giants to authorize yuan-based stables. The goal is to combat the growing influence of American dollar-based cryptomudges,...
JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters
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 …
China’s Tech Giants Seek Offshore Yuan Stablecoins to Compete with the Dollar
China’s major technology companies, JD.com and Ant Group, are pressing the country’s central bank to allow stablecoins tied to the offshore yuan. Their goal is to launch these digital tokens in Hong Kong, hoping to make the yuan more widely used in global trade and to challenge the dominance of US dollar-backed stablecoins. Stablecoins are […]
New Strait Times
ZawyaChina's tech giants lobby for offshore yuan stablecoin, sources say
KUALA LUMPUR: China's tech giants JD.com and Alibaba affiliate Ant Group are urging the central bank to authorise yuan-based stablecoins to counter the growing sway of US dollar-linked cryptocurrencies, people with direct knowledge of the discussions said. © New Straits Times Press (M) Bhd
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- 67% of the sources are Center
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