news 
Chinese Tech Giants Push Yuan Stablecoins to Challenge Dollar Dominance
In a move aimed at disrupting the dominance of the US dollar in digital payments, two major Chinese tech giants are pushing for the approval of yuan-backed stablecoins. JD.com and Ant Group have reportedly held private sessions with officials from China’s central bank, urging them to allow the issuance of these yuan-pegged stablecoins.
The proposal focuses on launching offshore yuan tokens in Hong Kong and Singapore, which would further strengthen the currency’s role in global trade while limiting the influence of the US dollar. According to CoinMarketCap data, more than 99% of existing stablecoins are tied to the US dollar.
JD.com is already planning to apply for stablecoin licenses in all major sovereign currency countries, including those in Hong Kong and Singapore. Ant Group has also announced its intention to secure licenses in these jurisdictions as it seeks to expand its blockchain payment infrastructure across multiple regions.
The news comes at a time when China’s central bank governor, Pan Gongsheng, revealed plans for an international digital yuan operations center in Shanghai. This move aims to create a “multipolar” currency system where various currencies support the global economy.
As of now, Hong Kong has announced new digital asset regulations that include a licensing regime for stablecoin issuers. The framework will go into effect on August 1 and provides legal clarity, promotes ecosystem growth, and fosters adoption.
The current stablecoin market is worth over $258 billion but could potentially expand to $2 trillion by 2028 according to projections from Standard Chartered.
Source: coincentral.com
