Two of China’s tech giants are urging Beijing to greenlight a yuan-backed stablecoin in Hong Kong, aiming to challenge the global grip of dollar-based digital currencies like USDT.
JD.com and Ant Group are reportedly in discussions with the People’s Bank of China, emphasizing the need for an offshore yuan token to strengthen the currency’s international reach.
Both firms are preparing to issue Hong Kong dollar stablecoins when new crypto rules take effect on August 1, but argue the HKD’s peg to the U.S. dollar does little to boost the yuan’s global presence. JD.com, in particular, has stressed the urgency of acting before dollar stablecoins cement their lead in digital payments.
The dominance of U.S. dollar stablecoins is already clear: they make up over 99% of global supply, according to the BIS. Chinese exporters increasingly favor USDT for cross-border transactions, drawn by its ease of use and freedom from capital controls. OTC platforms in Hong Kong report a surge in USDT usage among mainland clients since 2021.
China’s ambition to internationalize the yuan is now clashing with its own capital restrictions and 2021 crypto ban. The currency’s global share in payments has dropped below 3%, while the dollar remains near 50%.
With the U.S. embracing stablecoin regulation and promoting crypto innovation under the Trump administration, China faces growing pressure to adapt. Hong Kong’s evolving crypto framework offers a potential workaround, giving mainland firms like Ant Group and JD.com a path to launch digital yuan products legally and internationally.
Analysts say time is running out. If China delays, it may lose ground in the fast-emerging world of programmable money and global digital trade. A Hong Kong-issued yuan stablecoin could be Beijing’s best bet to reclaim momentum.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.
Source: https://coindoo.com/chinese-tech-giants-urge-approval-for-offshore-yuan-stablecoin/