JD.com and Ant Group propose a yuan stablecoin to counter USDT

TapChiBitcoin

2025-07-03 19:30:47

JD.com and Ant Group are urging the People’s Bank of China to allow the issuance of a yuan-pegged stablecoin in Hong Kong, in order to counter the dominance of USD stablecoins like USDT.

Two companies have planned to launch the HKD stablecoin after August 1, but believe that a CNH stablecoin is needed to promote the internationalization of the renminbi and reduce dependence on USD.

Currently, over 99% of global stablecoins are pegged to USD. The trading of USDT for commerce in China has increased fivefold since 2021. Export businesses are increasingly turning to USD stablecoins due to concerns over capital controls and exchange rate volatility.

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