Share this article
JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters
They propose launching stablecoins in Hong Kong backed by the offshore yuan, aiming to boost the Chinese currency's global role
Jul 4, 2025, 10:29 a.m.
What to know:
- JD.com and Ant Group are pressing the central bank to permit yuan-based stablecoins to counter the rise of U.S. dollar-linked digital currencies.
- Both firms already plan to issue Hong Kong dollar-backed stablecoins once local legislation begins August 1.
- China has a long-standing ban on cryptocurrency transactions, which extends to most private stablecoins.
China’s JD.com and Ant Group are pressing the central bank to permit yuan-based stablecoins to counter the rise of U.S. dollar-linked digital currencies, Reuters reported on Friday.
They propose launching stablecoins in Hong Kong backed by the offshore yuan, aiming to boost the Chinese currency's global role.
STORY CONTINUES BELOW
Both firms already plan to issue Hong Kong dollar-backed stablecoins once local legislation begins August 1.
However, JD.com is advocating for offshore yuan stablecoins as a strategic move to support yuan internationalization. The push reflects China's broader ambitions to challenge U.S. dominance in digital finance and expand the reach of its currency globally.
China has a long-standing ban on cryptocurrency transactions, which extends to most private stablecoins. This ban, particularly intensified in 2021, was motivated by concerns over financial crime, capital flight, and potential threats to financial stability.
As a counter, China poured resources into developing and piloting its own digital yuan (e-CNY). This central bank digital currency (CBDC) is seen as a way to modernize its payment system and exert greater control over its financial landscape.
Read more: Jack Ma's Ant International Seeks Stablecoin Licenses in Hong Kong, Singapore: Bloomberg
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
40% of Canadian Crypto Users Flagged for Tax Evasion Risk, Canadian Tax Authority Reveals
Canada’s tax agency says legal gaps limit its ability to track crypto-related income as it recovers $100 million through audits and pushes for tighter regulation.
What to know:
- The Canadian Revenue Agency reports that 40% of crypto platform users are evading taxes or are at high risk of non-compliance.
- CRA's cryptoasset program has 35 auditors working on over 230 files, resulting in $100 million in taxes collected over three years.
- New legislation to combat financial crimes, including crypto tax evasion, is expected by Spring 2026, as announced by the Minister of Finance.
Top Stories
