Everyone is just talking about stablecoins. This time, this topic was raised by Chinese tech giants. JD.com and Alibaba’s subsidiary Ant Group asked the People’s Bank of China (PBOC) to allow the issuance of stablecoins pegged to the yuan to counter the dominance of US dollar-based assets (estimated at $247 billion).
Both firms suggested that China should allow the launch of stablecoins in Hong Kong pegged to the offshore (usable outside of mainland China) yuan.
If JD.com and Ant Group get the green light, it will indicate a change in Beijing’s approach to cryptocurrencies, which were banned back in 2021.
The request came ahead of the entry into force of stablecoin regulations in Hong Kong on August 1, 2025. They will establish one of the world’s strictest structures for issuing digital currency, requiring full backing by high-quality liquid assets separate from the issuer’s funds. The minimum capital requirement is HK$25 million, or 1% of the total issuance, with redemption at par within one business day.
Alibaba and JD.com plan to issue stablecoins backed by the Hong Kong dollar. However, they argue that offshore RMB tokens are needed as strategic tools for cross-border trade.
The yuan’s share of global payments fell to 2.89% in May, the lowest level in almost two years, while the dollar controls 48.46% of the market share through SWIFT payment systems.
About China intends to resist the expansion of the US dollar in the international crypto arena was reported back in March.
Source: Reuters
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