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JD.com and the Ant d’Alibaba group is pressure for the Banque Populaire de China (PBOC) to approve the launch of a stablecoin fixed to the Yuan in Hong Kong in order to challenge the domination of the stablecoins supported in US dollars.
The two technology giants said that the greenness of a stablecoin supported by the yuan could limit the influence of the dollar in world trade, according to a reuters of July 3 report who cited sources familiar with the question.
JD.com and Ant Group ask for stablecoin licenses
According to the report, JD.com and Ant Group are currently preparing to request stablecoin licenses in Hong Kong and Singapore.
Just in: 🇨🇳🇺🇸 China technology giants like the Anti Alibaba group urges the central bank to authorize the stablescoins based on the Yuan to counter the growing influence of the USD stables – Reuters
The battle is on! pic.twitter.com/qnygg0k4uc
– Radar 𝘸 Archie🚨 (@radarhits) July 3, 2025
JD.com would also have proposed that the show of Yuan Stablecoin begins in Hong Kong before the start of the pilots in the Chinese free trade areas. The first comments of the regulators of this proposal were positive, according to the report.
Yuan’s share of world payments shrinks
The call to a stablecoin based on the Yuan to launch in Hong Kong comes after the share of the currency of world payments dropped to 2.89% in May, which is its lowest point in almost 2 years. Meanwhile, the dollar maintains a 48%commander, noted the report, citing Swift data.
The former deputy chief of the Bank of China, Wang Yongli, warned last month that if the cross -border payments of Yuan remain less effective than the stables of the dollar, which operate 24/7 on the blockchain, he poses strategic risks for China, according to the report.
Hong Kong has already announced a new digital asset plan, which addresses the regulation of stablecoins and promotes the tokenization of assets through the “Leap” framework of the region. As part of this new executive, the government will implement a license regime for stable issuers from August 1, with the aim of facilitating “the development of real use cases”.
JD.com and Ant Group maintain that this is not enough, depending on the report.
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