JD.com and Ant Group, leading Chinese technology companies, have officially applied for licenses to launch stablecoins that will be pegged to China’s national currency—the yuan. The initiative has received a positive response from the country’s regulatory bodies, including the People’s Bank of China.
This is reported by Business • Media
Plans for International Distribution of the Yuan
According to information revealed during negotiations, JD.com and Ant Group plan to start launching new stablecoins from Hong Kong. Company representatives believe that the introduction of digital assets backed by the yuan will enhance the role of the Chinese currency in the global economy and allow it to compete with existing dollar-pegged stablecoins, particularly USDT.
“JD.com argued that pegging to the Hong Kong dollar, which is tightly linked to the USD, does not solve the problem of dollar dominance.”
Project Expansion and Regulatory Response
It is known that both companies have already received permission to issue stablecoins backed by the Hong Kong dollar. However, they emphasize that this is not enough for the global promotion of the yuan, as the Hong Kong dollar is essentially oriented towards the US dollar. JD.com proposes to expand the yuan-pegged stablecoin project to free trade zones, while Ant Group plans to apply for licenses not only in Hong Kong but also in Singapore. Regulatory bodies, according to sources, support such proposals.
JD.com Chairman Richard Liu stated that the company intends to secure licenses in jurisdictions with major global currencies to facilitate convenient exchanges and cross-border payments for users.
It is worth noting that earlier it became known that AllUnity is preparing to launch the first regulated stablecoin pegged to the euro in Germany.