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JD.com and Albaba’s Ant are pressing for the Chinese People’s Bank (PBOC) to agree to the launch of Stablecoin linked to Hong Kong in an attempt to challenge the American dollar -backed Stablecooins.
Two technology giants said that the green light on the yuan -backed Stablecooin can reduce the impact of the dollar in global trade, according to Reuters operations on July 3. a report Which was martyred sources familiar with the matter.
JD.com and Ant Group apply for Stablecoin’s licenses
According to the report, JD.com and Ant Group are currently preparing to apply for Stablecoin licenses in both Hong Kong and Singapore.
Just in: 🇨🇳🇺🇸 China, which urges technology giants like Alibaba’s Ant Group to the Yuan-based Stablecoins to meet the growing effect of the dollar-Re-Reuters
Battle on! pic.twitter.com/qnyg0k4uc
Radar 𝘸 Archie🚨 (@radarhits) July 3, 2025
According to JD.com, the Yuan Stablecoin version in Hong Kong begins before the pilots began in the free trade areas of China. The report said that early reactions from the organizers of this proposal were positive.
Yuan’s share of global payments is shrinking
The call to launch Stablecoin is headquartered in Hong Kong after the currency share of global payments fell to 2.89 % in May, and it is the lowest point in about two years. Meanwhile, the dollar maintains 48 %, the report indicated, noting data from Swift.
The former Vice President of the Bank of China and Wang Youngly warned last month that if Yuan’s cross -border payments remain efficient than the intended dollar, it is working over 24/7 on Blockchain, then it pose strategic risks to China, according to the report.
Hong Kong has already announced a new plan for digital assets, which deals with Stablecoins and enhances the asset symbol through the “Leap” framework in the region. As part of this new framework, the government will implement a license system for Stablecoin Exporters starting from August 1, with the aim of facilitating “developing real use cases”.
JD.com and Ant Group argue that this is not enough, according to the report.
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