JD.com, Ant Group Push for Yuan Stablecoin to Challenge USDT From Hong Kong

Chinese tech giants JD.com and Ant Group are reportedly lobbying the People’s Bank of China (PBOC) to approve a yuan-based stablecoin in Hong Kong. Their aim: to challenge the global dominance of U.S. dollar-backed stablecoins like USDT and promote the international use of the Chinese yuan.

Both companies are preparing to issue HKD-backed stablecoins under Hong Kong’s upcoming crypto rules, but argue that a yuan-pegged coin is essential for China’s financial sovereignty.

While U.S. stablecoins account for over 99% of global volume, Chinese exporters increasingly rely on USDT for cross-border payments. This shift undermines Beijing’s ambition to globalize the yuan.

With the yuan’s share in international payments falling to 2.89% and the U.S. dollar still leading at 48%, China’s window to assert itself in the digital currency space is narrowing fast.

If approved, this move could signal a shift in China’s stance on crypto assets—using Hong Kong as a gateway for offshore yuan innovation, without lifting the mainland crypto ban.