JD.com, Ant Group push yuan stablecoins to challenge US dollar dominance

JD.com and Ant Group are reportedly lobbying Chinese regulators to launch yuan-based stablecoins to boost the currency’s global role and counter US dollar-pegged tokens.

China’s e-commerce heavyweight JD.com and Ant Group, the fintech arm of Alibaba, are lobbying the People’s Bank of China (PBOC) to greenlight Chinese yuan-based stablecoins to counter the global rise of US dollar-pegged tokens.

The two firms urged regulators to allow stablecoins backed by offshore yuan (Chinese yuan that circulates outside mainland China) to launch in Hong Kong, arguing it would strengthen the yuan’s role in global trade while limiting the dollar’s influence, Reuters reported Thursday, citing sources familiar with the matter.

Per the report, during recent private meetings with the PBOC, JD.com executives argued that yuan stablecoins are urgently needed to promote the currency’s international use.

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