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JD.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.
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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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