Ant Group, JD.com Urge China’s Central Bank To Approve Yuan Stablecoin Launch To Break US Dollar Dominance
JD.com and Alibaba’s Ant Group are pushing for the People’s Bank of China (PBOC) to approve the launch of a stablecoin pegged to the yuan in Hong Kong in an effort to challenge the dominance of US dollar-backed stablecoins. The two tech giants said that greenlighting a yuan-backed stablecoin could limit the dollar’s influence in global trade, according to a July 3 Reuters report that cited sources familiar with the matter. JD.com And Ant Group Apply For Stablecoin Licenses According to the report, JD.com and Ant Group are currently preparing to apply for stablecoin licenses in both Hong Kong and Singapore. JUST IN: 🇨🇳🇺🇸 China's tech giants like Alibaba's Ant Group are urging the central bank to authorise Yuan-based stablecoins to counter the growing influence of USD stables – Reuters The battle is ON! pic.twitter.com/qNYgG0k4UC — Radar 𝘸 Archie🚨 (@RadarHits) July 3, 2025 JD.com ha...