Chinese Tech Giants Push for Yuan-Based Stablecoins

In a strategic move to elevate the Chinese yuan’s global influence, tech giants JD.com and Ant Group are lobbying the People’s Bank of China (PBOC) to authorize yuan-based stablecoins in Hong Kong. Reported by Reuters on July 3, 2025, this initiative aims to counter the overwhelming dominance of U.S. dollar-linked cryptocurrencies, which currently account for over 99% of the $247 billion stablecoin market. As stablecoins gain traction for efficient cross-border payments, this push could reshape global finance by promoting the yuan as a viable alternative to the dollar.

A Bold Proposal for Yuan-Based Stablecoins
JD.com, a leading Chinese e-commerce company, and Ant Group, the fintech arm of Alibaba, are urging the PBOC to greenlight stablecoins pegged to the offshore yuan (CNH) in Hong Kong. According to sources familiar with private discussions, JD.com’s proposal to issue these stablecoins and expand their use to offshore markets within China’s free trade zones has been well-received by regulators. Both firms are also preparing to launch Hong Kong dollar-backed stablecoins starting August 1, 2025, aligning with Hong Kong’s new stablecoin licensing regime. JD.com’s chairman, Richard Liu, has revealed plans to apply for stablecoin licenses in major currency countries globally to facilitate foreign exchange and cross-border payments, while Ant Group is seeking licenses in Hong Kong and Singapore to support offshore yuan stablecoins.

This initiative reflects a broader ambition to enhance the yuan’s role in global trade. Chinese exporters have increasingly adopted dollar-pegged stablecoins like Tether (USDT), with monthly trading volumes by Chinese clients surging five-fold since 2021, according to Crypto HK. Yuan-based stablecoins could offer a more efficient alternative, reducing reliance on dollar-denominated assets and mitigating exposure to U.S. financial sanctions.

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