Chinese giants want to issue stablecoins pegged to the yuan
Date: 2025-07-04 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Two of China's largest technology holdings, JD.com and Ant Group, have begun the process of obtaining licenses to issue stablecoins whose rate will be directly linked to the yuan. According to Reuters sources, negotiations with the People's Bank of China have already reached the final stage.
The companies believe that the launch of yuan stablecoins will provide an opportunity to expand the influence of the Chinese currency outside the country and reduce the dependence of international settlements on the US dollar. The Hong Kong jurisdiction has been chosen to launch the project, where both companies have already received permission to issue stablecoins backed by the Hong Kong dollar. However, JD.com emphasizes that pegging to HKD, which is closely linked to the USD, does not solve the problem of dollar dominance.
In this regard, JD.com proposes to launch yuan-backed stablecoins in Hong Kong and expand the project to free economic zones. At the same time, Ant Group is considering the possibility of submitting documents for similar licenses in Singapore. Such a strategy will cover several regional financial centers at once and facilitate cross-border payments.
According to JD.com CEO Richard Liu, the company is ready to negotiate with regulators in other countries to ensure maximum flexibility in currency exchange and international settlements. At the same time, the Chinese authorities generally react positively to such an initiative and see it as a chance for the yuan to strengthen its position in the world of stablecoins, where dollar projects such as USDT dominate.
It is worth noting that interest in national stablecoins is growing in other countries as well. For example, the German project AllUnity recently announced plans to issue the first regulated stablecoin in Germany, which will be pegged to the euro. This confirms the trend towards creating stable digital assets linked to local currencies to simplify settlements and increase the transparency of financial transactions.
Thus, Chinese tech giants are betting on their own digital asset, which in the future could become an alternative to popular dollar stablecoins and increase the competitiveness of the yuan in the global economy.
