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.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
