Chinese Tech Giants Advocate for Yuan Stablecoins to Disrupt Dollar Hegemony

JD.com and ANT Group are spearheading a strategic push to introduce yuan-backed stablecoins, engaging in closed-door discussions with China's central bank. The initiative aims to counter the US dollar's 48% dominance in global payments, as the yuan's share dwindles to 2.89%.

Hong Kong emerges as the testing ground, with new stablecoin regulations taking effect August 1. Both companies plan offshore yuan token launches through Hong Kong and Singapore licenses, circumventing mainland restrictions while advancing currency internationalization.

The $258 billion stablecoin market, projected to reach $2 trillion by 2028, presents a ripe opportunity. JD.com's phased approach—starting in Hong Kong before expanding to free trade zones—has garnered preliminary regulatory approval, signaling potential for structural shifts in digital payments.