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Chinese e-commerce leader JD.com and fintech powerhouse Ant Group are actively urging China's central bank to approve offshore yuan-backed stablecoins. This strategic move aims to bolster the Chinese currency's global standing while countering the overwhelming influence of US dollar-pegged digital assets in international markets.
The companies propose launching these stablecoins initially in Hong Kong before expanding to mainland China's free trade zones. Recent private discussions with the People's Bank of China (PBOC) reportedly yielded positive feedback, with both firms preparing license applications for Hong Kong and Singapore. ——This could mark a significant shift in global digital currency dynamics——
Recent Swift data reveals the yuan accounts for just 【2.89%】 of global payments, its lowest share in two years. In stark contrast, the US dollar dominates with a 【48%】 market share. Former Bank of China executive Wang Yongli warns that inefficient yuan payment systems risk cementing dollar supremacy in digital finance.
The special administrative region is fast-tracking stablecoin regulations, with a licensing system set to launch August 1. This forms part of Hong Kong's broader "LEAP" digital asset strategy focusing on legal clarity and real-world adoption. Interestingly, the move coincides with JD.com's plans to pursue stablecoin licenses across major economies.
PBOC Governor Pan Gongsheng recently announced plans for an international digital yuan operations center in Shanghai. This aligns with China's vision for a "multipolar" currency system to reduce dollar dependence. Currently, all top 10 stablecoins by market cap are dollar-denominated, with the sector valued at over 【$258 billion】.
The push for yuan stablecoins represents more than financial innovation—it's a calculated move in the broader US-China economic rivalry. As digital payments reshape global commerce, controlling the underlying stablecoin infrastructure could prove as strategically vital as managing reserve currencies.