JD.com, Ant Push Yuan Stablecoins to Rival Dollar Tokens

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China’s e-commerce heavyweight JD.com and Ant Group, the fintech arm of Alibaba, are lobbying the People’s Bank of China (PBOC) to greenlight Chinese yuan-based stablecoins in a bid to counter the global rise of US dollar-pegged tokens.

The two firms urged regulators to allow stablecoins backed by offshore yuan (Chinese yuan that circulates outside mainland China) to launch in Hong Kong, arguing it would strengthen the yuan’s role in global trade while limiting the dollar’s influence, Reuters reported Thursday, citing sources familiar with the…



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JD.com, Ant Push Yuan Stablecoins to Rival Dollar Tokens


China’s e-commerce heavyweight JD.com and Ant Group, the fintech arm of Alibaba, are lobbying the People’s Bank of China (PBOC) to greenlight Chinese yuan-based stablecoins in a bid to counter the global rise of US dollar-pegged tokens.

The two firms urged regulators to allow stablecoins backed by offshore yuan (Chinese yuan that circulates outside mainland China) to launch in Hong Kong, arguing it would strengthen the yuan’s role in global trade while limiting the dollar’s influence, Reuters reported Thursday, citing sources familiar with the…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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