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JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters

  • JD.com and Ant Group are urging China’s central bank to authorize yuan-backed stablecoins for launch in Hong Kong once new regulations come into effect on August 1.
  • This push follows Hong Kong’s May passage of the Stablecoin Ordinance and the introduction of the LEAP framework unifying licensing for virtual asset service providers.
  • Both companies intend to launch stablecoins pegged to the Hong Kong dollar following new regulations and are advocating for offshore yuan-backed stablecoins to promote the broader international use of the yuan amid the prevailing dominance of the U.S. dollar.
  • Financial Secretary Paul Chan emphasized the goal of fostering a thriving digital asset environment in Hong Kong through careful regulation and support for innovation, aiming to strengthen the city’s status as a global financial hub.
  • These developments could reshape global digital payments by supporting China’s ambitions to challenge U.S. dominance and positioning Hong Kong as a fintech hub for yuan stablecoins.
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The central bank of China has been pressured by country's technological giants to authorize yuan-based stables. The goal is to combat the growing influence of American dollar-based cryptomudges,...

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CoinGeek broke the news in on Wednesday, July 2, 2025.
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