JD.com and Ant Group Advocate for Yuan-Backed Stablecoins to Challenge Dollar Dominance

BTCC / BTCC Square / Global Cryptocurrency /

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2025-07-07 08:36:01

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Chinese e-commerce leader JD.com and fintech powerhouse ANT Group are pushing the People's Bank of China to authorize offshore yuan-pegged stablecoins. The initiative, currently under discussion with regulators, aims to strengthen the yuan's role in global trade while providing an alternative to dollar-denominated digital assets.

Proposals include launching pilot programs in Hong Kong before expanding to mainland free trade zones. Wang Yongli, former Bank of China executive, warns that delayed adoption of cross-border yuan solutions could pose strategic risks as dollar-based stablecoins continue dominating cryptocurrency markets.

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