US EditionJD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters
HONG KONG, JUL 2 – Hong Kong’s new law creates a licensing framework for fiat-backed stablecoins, with Chinese firms JD.com and Ant Group planning HKD tokens amid 99% of stablecoins pegged to the U.S. dollar.
- On May 30, Hong Kong enacted the Stablecoins Ordinance, effective August 1, 2025, becoming the first dedicated fiat-referenced stablecoin law globally.
- Hong Kong's government enacted the Stablecoins Ordinance to boost competitiveness and position as a global digital asset hub, citing a strategic edge over US and mainland restrictions.
- Analysis reveals the policy mandates 100% reserves backing stablecoins, incentivizes real-world asset tokenization, and coincides with a fivefold increase in USDT trading among mainland clients.
- Hong Kong’s Monetary Authority plans to issue licenses between July and August, with infrastructure partnerships like North King and GoFintech aiming to support stablecoin development.
- Hong Kong's enactment of the Stablecoins Ordinance aims to position it as a global digital asset hub, with experts noting offshore renminbi stablecoins could reshape international finance and IMF working on standards.
34 Articles
34 Articles
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,...
JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters
China’s JD.com and Ant Group are pressing the central bank to permit yuan-based stablecoins to counter the rise of U.S. dollar-linked digital currencies, Reuters reported on Friday.They propose launching stablecoins in Hong Kong backed by the offshore yuan, aiming to boost the Chinese currency's global role. Both firms already plan to issue Hong Kong dollar-backed stablecoins once local legislation begins August 1. However, JD.com is advocating …
China’s Tech Giants Seek Offshore Yuan Stablecoins to Compete with the Dollar
China’s major technology companies, JD.com and Ant Group, are pressing the country’s central bank to allow stablecoins tied to the offshore yuan. Their goal is to launch these digital tokens in Hong Kong, hoping to make the yuan more widely used in global trade and to challenge the dominance of US dollar-backed stablecoins. Stablecoins are […]
New Strait Times
ZawyaChina's tech giants lobby for offshore yuan stablecoin, sources say
KUALA LUMPUR: China's tech giants JD.com and Alibaba affiliate Ant Group are urging the central bank to authorise yuan-based stablecoins to counter the growing sway of US dollar-linked cryptocurrencies, people with direct knowledge of the discussions said. © New Straits Times Press (M) Bhd
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