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JD.com and Ant Group are reportedly lobbying Chinese regulators to approve yuan-based stablecoins, aiming to enhance the currency’s global influence and reduce reliance on US dollar-pegged tokens. The firms propose launching offshore yuan-backed stablecoins in Hong Kong to strengthen China’s financial footprint.
- JD.com and Ant Group are lobbying PBOC to approve yuan stablecoins to rival USD dominance.
- Proposal focuses on offshore yuan-backed stablecoins in Hong Kong for global trade.
- Move aligns with China's strategy to internationalize the yuan and reduce dollar reliance.
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