news 
Chinese Tech Giants Push Yuan Stablecoins to Challenge Dollar Dominance
JD.com and Ant Group are pushing regulators to approve yuan-backed stablecoins, aiming to counter the growing dominance of US dollar-pegged digital currencies. The companies recently met with officials from China’s central bank in private sessions, arguing that issuing yuan stablecoins is crucial for promoting the currency’s international use.
The proposals focus on offshore yuan tokens launching in Hong Kong and Singapore, which would strengthen the yuan’s role in global trade while limiting the dollar’s influence. Early feedback from regulators has been positive for JD.com executives.
Both tech giants are preparing to apply for stablecoin licenses in major markets like Hong Kong and Singapore, with the goal of expanding their blockchain payment infrastructure across multiple jurisdictions.
Source: coincentral.com
