Catenaa, Tuesday, July 08, 2025- Chinese tech giants JD.com and Ant Group are urging China’s central bank to authorize yuan-backed stablecoins for offshore use, according to Reuters.
The two firms made their case in closed-door talks with the People’s Bank of China (PBOC), advocating for stablecoins pegged to the yuan alongside those tied to the Hong Kong dollar.
Hong Kong, a key offshore yuan hub, will implement its stablecoin licensing regime starting August 1. This move aligns with China’s broader efforts to expand the yuan’s international role amid rising global stablecoin regulation.
The push from JD and Ant comes as the U.S. advances its own stablecoin legislation. Last month, the Senate passed the GENIUS stablecoin bill, which President Donald Trump urged Congress to approve.
Meanwhile, PBOC Governor Pan Gongsheng highlighted stablecoins and central bank digital currencies as reshaping global payments and announced plans to establish an e-CNY international center in Shanghai.
China maintains its ban on crypto trading and mining domestically but supports regulated crypto activity in Hong Kong. The Hong Kong Monetary Authority launched a stablecoin issuer sandbox last year with participants including Standard Chartered Bank, Animoca Brands, and JD Coinlink.
JD.com argues that offshore yuan stablecoins are critical to the yuan’s internationalization, especially given the Hong Kong dollar’s peg to the U.S. dollar. Both Ant Group and JD.com plan to apply for stablecoin licenses in Hong Kong and other global markets.
Hong Kong’s financial secretary, Paul Chan, said the new stablecoin regulations strengthen the city’s strategic position in the intensifying global digital asset race.
