Chinese tech giants JD, Ant Group urge central bank to approve offshore yuan stablecoins: Reuters
Quick Take
- In closed-door discussions, Ant Group and JD have urged China’s central bank to authorize yuan-backed stablecoins in addition to those pegged to the Hong Kong dollar, according to Reuters.
- Hong Kong, a major offshore yuan hub, will implement its stablecoin licensing regime starting Aug. 1.
Chinese tech giants JD.com and Ant Group are lobbying China's central bank to approve offshore yuan-based stablecoins, as the global stablecoin race intensifies, according to Reuters.
Reuters reported on Thursday, citing sources familiar with the matter, that the two tech firms have urged the People's Bank of China to authorize the launch of yuan-pegged stablecoins in Hong Kong.
The reported discussions come amid the U.S. push for stablecoin regulation, with the Senate passing the landmark GENIUS stablecoin bill last month and advancing it to the House. President Donald Trump has called on Congress to pass the bill.
Last month, PBOC Governor Pan Gongsheng acknowledged that stablecoins and central bank digital currencies are reshaping global payment infrastructure. Pan also announced plans to establish an e-CNY international operation center in Shanghai to expand the Chinese yuan's global influence.
China continues to ban crypto trading and mining on the mainland, while Hong Kong has embraced crypto with a licensing regime in place for crypto exchanges. Last year, the Hong Kong Monetary Authority, its de facto central bank, launched a sandbox for stablecoin issuers with participants including Standard Chartered Bank, Animoca Brands, Hong Kong Telecommunications, JD Coinlink, and RD InnoTech.
According to sources who spoke to Reuters, JD.com has made the case to the PBOC during closed-door meetings that offshore yuan-backed stablecoins are critically important for advancing the internationalization of the yuan, especially when the Hong Kong dollar is pegged to the U.S. dollar.
Hong Kong's new stablecoin licensing regime is expected to take effect on Aug. 1, which requires stablecoin issuers in Hong Kong to obtain a license. Paul Chan, Hong Kong’s financial secretary, said last month that the city's upcoming stablecoin regulations and role as an offshore yuan center have given it a strategic advantage as the global race to regulate digital assets intensifies.
Ant Group plans to apply for a stablecoin license in Hong Kong, according to Reuters. JD.com founder Richard Liu has also said the company plans to obtain stablecoin licenses in various jurisdictions globally.
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