China’s Tech Giants Push for Yuan-Based Stablecoin to Counter US Influence

Coin WorldThursday, Jul 3, 2025 1:25 pm ET
1min read
JD
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China’s tech giants

JD
.com and Ant Group, an affiliate of Alibaba, are urging Beijing to authorize a yuan-based stablecoin. This move comes as a response to the U.S. passing the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), which aims to create clear rules for stablecoin issuers, including requirements for reserve backing, audits, and anti-money laundering compliance. The newly passed bill also prioritizes consumer protection and national security.

In their proposal to China’s central bank, JD.com and Ant Group have outlined a plan to launch stablecoins pegged to the offshore yuan in Hong Kong. They believe the proposed countermove will promote the Chinese currency’s global adoption. The two firms further noted that a yuan-pegged stablecoin will neutralize the US dollar’s growing digital influence. The tech giants’ proposal aims to close the widening gap between China and the US in digital finance, considering the effect of Beijing’s 2021 ban on cryptocurrency activities, which has significantly slowed down the industry’s development in the region. JD.com and Ant Group aim to reverse China’s strategy and use the opportunity to promote the international use of the yuan.

This push from China escalates the well-documented economic and trade battle between the two superpowers into the digital asset sector, with both nations now competing to set the standards for global digital finance. Both regions foresee the opportunity to dominate the sector while competing for greater achievements in global digital finance and trade. Both regions recognize the immense opportunity to dominate the stablecoin sector, which is increasingly seen as a critical infrastructure layer for international trade and finance.

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