JD.com and Ant Group promoting yuan stablecoins to challenge dollar dominance

From Cointelegraph

July 3, 2025 06:09:00 AM:

JD.com and Ant Group are pushing for Chinese yuan-based stablecoins to compete with US dollar-pegged tokens. They want offshore yuan-backed stablecoins in Hong Kong to boost the yuan’s international role. JD.com aims to launch yuan stablecoins in Hong Kong and Singapore, highlighting the need for efficient yuan payments to reduce dollar dominance.

The yuan’s global payment share dropped to 2.89%, with the dollar at 48%. Former Bank of China executive Wang Yongli warned of strategic risks if yuan payments lag behind dollar stablecoins. Hong Kong is developing rules for stablecoins, introducing a licensing regime for issuers to promote real-world use cases.

JD.com plans to apply for stablecoin licenses globally, emphasizing the need for a multipolar currency system. China’s PBOC aims to internationalize the digital yuan to reduce reliance on the US dollar. The stablecoin market cap exceeds $258 billion, with dollar-pegged stablecoins dominating the top 10. EURC is the largest non-dollar stablecoin, pegged to the euro.

Read more at Cointelegraph: JD.com, Ant Push Yuan Stablecoins to Rival Dollar Tokens