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Chinese technology leaders JD.com and Ant Group have approached the People’s Bank of China (PBOC) to request authorization for the issuance of yuan-backed stablecoins, aiming to enhance the role of the Chinese currency in global trade and diminish the impact of dollar-pegged stablecoins.
JD.com, a major player in China’s e-commerce sector, along with Ant Group, the financial technology arm of Alibaba, are in discussions with the PBOC regarding the introduction of stablecoins that are backed by the yuan, as reported by Reuters.
The report indicates that during recent private meetings with the PBOC, representatives from the companies stressed that the issuance of yuan-pegged stablecoins is essential for encouraging the use of the national currency in international transactions. Although Ant Group and JD.com have already obtained licenses to issue stablecoins backed by the Hong Kong dollar, both firms argue that this does not address the issue of dollar supremacy, given the Hong Kong dollar’s close peg to the U.S. dollar.
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Richard Liu, Chairman of JD.com, suggested initiating the launch of yuan stablecoins in Hong Kong, with plans for their subsequent deployment in China’s free trade zones. An Ant Group representative mentioned that the company is preparing to seek licenses for stablecoin issuance in Singapore. Sources from Reuters indicate that regulators have responded favorably to these proposals.
In June, Liu revealed intentions to apply for licenses to issue stablecoins in all nations whose currencies are commonly utilized in international transactions, with the goal of facilitating global settlements and seamless cross-border exchanges. This announcement followed Pan Gongsheng, Governor of the PBOC, revealing the establishment of an international operational center for the digital yuan in Shanghai, aimed at decreasing the global financial system’s reliance on the U.S. dollar.
As reported by SWIFT, in May 2025, the yuan’s share of global payments dropped to 2.89%, marking a nearly two-year low, while the dollar’s share remains at 48%. “The worldwide proliferation of U.S. dollar stablecoins presents new challenges to the internationalization of the yuan,” stated Wang Yongli, Former VP and Executive Director of the Bank of China. He argues that the reduced efficiency of cross-border payments using the digital yuan compared to dollar stablecoins represents a strategic risk for the nation.
In 2024, the transaction volume involving stablecoins reached $27.6 trillion. Additionally, according to CoinGecko data as of July 4, 2025, the overall market capitalization of stablecoins surpasses $264 billion. The values of the ten largest stablecoins by market capitalization are linked to the U.S. dollar.
Сообщение Chinese Tech Giants Plan to Issue Yuan-Pegged Stablecoins появились сначала на CoinsPaid Media.
