- JD.com and Ant Group are lobbying China’s central bank to authorize yuan-based stablecoins in Hong Kong.
- Chinese tech firms are engaging with regulators to shape the country’s role in the fast-evolving digital currency landscape.
- New global regulations are accelerating stablecoin adoption, with China under pressure to respond.
As global interest in stablecoins heats up, Chinese tech giants JD.com and Ant Group are stepping up pressure on the People’s Bank of China (PBOC) to greenlight yuan-backed stablecoins for use in Hong Kong.
According to sources familiar with the talks, the companies are pushing for the approval of offshore yuan-pegged tokens as a strategic step toward internationalizing the currency and countering the dominance of dollar-linked stablecoins like USDT and USDC.
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While both firms plan to issue Hong Kong dollar-backed stablecoins once the region’s new regulations kick in on Aug. 1, they argue that an offshore yuan token is essential for long-term financial influence in global markets.
JD.com has reportedly emphasized this urgency in its discussions with the PBOC, calling the initiative critical for advancing the yuan’s global adoption.
Meanwhile, Ant Group is preparing license applications for stablecoin issuance in both Hong Kong and Singapore.
The push comes amid growing concern that China is falling behind in the digital currency race.
Former Bank of China vice president Wang Yongli warned that overreliance on dollar stablecoins could pose a long-term strategic risk if the yuan fails to gain ground in cross-border finance.
JD Coinlink Reaches Testing Milestone
JD.com is already making headway via JD Coinlink, its fintech division focused on blockchain-based payments.
The company has completed the second phase of testing for a Hong Kong dollar-backed stablecoin through the HKMA regulatory sandbox.
The stablecoin is designed for cross-border payments, retail settlement, and investment use cases.
CEO Liu Peng said the token is expected to launch in early Q4, issued on a public blockchain and integrated across JD’s ecosystem in Hong Kong and Macau.
This would make JD.com one of the first major Asian firms to launch a large-scale, retail-facing stablecoin.
China Rethinks Stablecoin Strategy
Although China banned cryptocurrencies in 2021, its stance on stablecoins is evolving.
Officials, including PBOC Governor Pan Gongsheng and advisor Huang Yiping, have publicly acknowledged the need to address stablecoin regulation.
The urgency is clear. While the global stablecoin market currently stands at $247 billion, it’s projected to hit $2 trillion by 2028.
According to the Bank for International Settlements, more than 99% of existing stablecoins are pegged to the U.S. dollar.
Meanwhile, the yuan’s share of global payments dropped to just 2.9% in May, compared to the dollar’s 48%.
In Hong Kong, crypto firms report growing demand from Chinese exporters using USDT for trade settlement, driven by capital controls, currency volatility, and rising geopolitical risk.
Adding to the pressure, the U.S. is moving fast. Following President Trump’s endorsement of stablecoins earlier this year, U.S. regulators are advancing frameworks to accommodate corporate stablecoin issuers like JPMorgan, PayPal, and Stripe.
Now, China’s biggest tech players are signaling that they don’t want to be left behind.
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