JD.com and Ant Group Push for Yuan-Backed Stablecoins in Global Power Play

July 4, 2025

Summary: Why are JD.com and Ant Group pushing for yuan-backed stablecoins?

JD.com and Ant Group want yuan-backed stablecoins to boost the yuan’s global role and offer an alternative to U.S. dollar-pegged tokens. They’ve urged the PBOC to launch the initiative in Hong Kong, aiming to expand later to China’s free trade zones. Regulators have reportedly responded positively to the proposal.

JD.com, one of China’s leading e-commerce giants, and Ant Group, a major player in the country’s fintech sector, have reportedly urged the People’s Bank of China (PBOC) to introduce yuan-backed stablecoins. The push aims to offer an alternative to U.S. dollar-pegged tokens.

According to a January 3 report by Reuters, JD.com and Ant Group have urged Chinese regulators to permit the launch of stablecoins backed by offshore yuan in Hong Kong. The companies contend that introducing digital tokens tied to the yuan outside mainland China would enhance the currency’s position in global commerce. 

In recent closed-door discussions with the PBOC, JD.com executives reportedly emphasized the urgent need for yuan-backed stablecoins to accelerate the currency’s international adoption. Both JD.com and Ant Group are also said to be preparing applications for stablecoin licenses in key financial hubs, including Hong Kong and Singapore.

Additionally, the e-commerce giant reportedly suggested launching yuan-backed stablecoins issuance in Hong Kong as a first step, with plans to expand the pilot to China’s free trade zones. Regulators’ initial feedback on the proposal has been described as positive.

Per the report, Wang Yongli, a seasoned industry expert and former deputy governor of the Bank of China, cautioned last month that China faces a strategic risk if cross-border yuan payments continue to lag behind the efficiency of U.S. dollar-pegged stablecoins.


Building on concerns about currency efficiency and global financial influence, this week Ripple Labs Inc. announced it is applying for a U.S. banking license from the Office of the Comptroller of the Currency (OCC). The company aims to position itself for compliance amid advancing federal stablecoin regulations.

This move follows Circle Internet Financial’s similar application to manage its USDC stablecoin reserves under a national trust bank. Both efforts come shortly after the U.S. Senate passed the GENIUS Act, which sets clearer regulatory standards for U.S. dollar-pegged stablecoins.

As the stablecoin landscape evolves, both U.S. and Chinese players are advancing strategies that reflect their broader economic and geopolitical ambitions. 

This ongoing dynamic signals a pivotal moment in digital currency development—one where regulatory frameworks, technological innovation, and international competition will shape the future of cross-border payments and the global monetary system.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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