JD.com and Ant Group Lobby China’s Central Bank to Launch Chinese Yuan Stablecoins

China’s retail giant JD.com (NASDAQ: JD) and Ant Group, under Alibaba(NYSE: BABA, HKEX: 9988), are lobbying the People’s Bank of China (PBOC) to authorize the issuance of yuan-based stablecoins to counter the growing influence of U.S. dollar-backed stablecoins in global digital payments.

The companies have proposed issuing offshore yuan stablecoins in Hong Kong to promote the global use of the Chinese yuan and reduce the U.S. dollar’s dominance in the digital financial landscape.

In discussions with the PBOC, JD.com stressed that offshore yuan stablecoins could facilitate cross-border trade and investment, bolstering China’s financial influence.

Additionally, both companies plan to issue Hong Kong dollar (HKD)-pegged stablecoins following the enforcement of Hong Kong’s Stablecoin Ordinance on August 1, 2025, which will provide a regulatory framework for stablecoin issuance. Ant Group is also preparing to apply for stablecoin licenses in Hong Kong and Singapore to support its offshore yuan stablecoin ambitions.

JD.com and Ant Group’s Crypto Ambitions

JD.com and Ant Group are expanding their presence in the cryptocurrency and blockchain sectors, positioning themselves as leaders in China’s digital finance landscape.

JD.com plans to launch a public blockchain-based stablecoin by the fourth quarter of 2025, targeting its JD Global Sales platform in Hong Kong and Macau to enhance cross-border e-commerce efficiency.

The company anticipates securing a stablecoin issuance license in Hong Kong, capitalizing on the region’s forthcoming regulatory framework. JD.com says its stablecoin initiative aims to build trust and efficiency in global trade.

Ant Group is advancing its crypto efforts through its international business division. It plans to apply for a stablecoin issuer license in Hong Kong immediately after the Stablecoin Ordinance takes effect, focusing on global treasury management and cross-border payment solutions.

Ant Group has highlighted that stablecoins can significantly enhance the efficiency of global payments, aiming to lead in this transformative sector. The company is also exploring blockchain applications in supply chain finance and digital asset management to strengthen its crypto ecosystem.

Implications for the Global Financial Landscape

The push for yuan-backed stablecoins by JD.com and Ant Group carries significant implications for the global financial system.

By promoting yuan-backed stablecoins, the companies seek to challenge the dominance of U.S. dollar-based stablecoins, such as Tether and USDC, which lead the $150 billion stablecoin market.

A yuan stablecoin could enable faster and more cost-effective cross-border transactions, particularly in Asia, where China’s trade influence is substantial. This initiative supports the broader goal of yuan internationalization, aiming to reduce global reliance on the U.S. dollar in trade and finance.

Some in the crypto community view this move as highly strategic. As one observer noted on X, “China cooking up stablecoins with JD and Ant is a direct counter to dollar rails. This isn't a payment experiment.”

The HKD stablecoin plan supports Hong Kong’s ambition to be a global digital asset hub under its upcoming regulatory framework.

This strategy complements China’s digital yuan (e-CNY) initiative but offers greater flexibility for international adoption through privately issued stablecoins. However, it raises questions about monetary sovereignty, as stablecoins could reshape central banks’ control over currency flows. Industry experts have noted that stablecoins represent a critical arena for competing monetary influence.

If successful, the dual approach of yuan and HKD stablecoins could position China as a leader in the global digital currency race, redefining the future of cross-border payments.

Another X user commented, “The Chinese market is very large, and if they can buy Bitcoin or other alts for digital yuan, we can expect a large influx of liquidity.” While speculative, this view underscores how a successful yuan-backed stablecoin infrastructure might not only challenge dollar-based payment systems but also reshape capital flows across the crypto ecosystem.