Chinese Tech Giants Plan to Issue Yuan-Pegged Stablecoins

Chinese tech giants JD.com and Ant Group approached the People’s Bank of China (PBOC) seeking permission to issue yuan-backed stablecoins to strengthen the position of the Chinese currency in international trade and reduce the influence of dollar-pegged stablecoins.

JD.com, one of China’s largest e-commerce platforms, and Ant Group, the FinTech subsidiary of Alibaba, are in talks with the PBOC about launching stablecoins backed by the yuan, Reuters reports.

According to the publication, during recent closed-door meetings with the PBOC, company representatives emphasized that issuing yuan-pegged stablecoins is necessary to promote the use of the national currency in international settlements. Ant Group and JD.com already received licenses to issue stablecoins backed by the Hong Kong dollar, but both companies insist that this doesn’t solve the problem of dollar dominance since the Hong Kong dollar is tightly pegged to the U.S. dollar.

Richard Liu, Chair of JD.com, proposed starting the launch of yuan stablecoins in Hong Kong with subsequent expansion of their use to China’s free trade zones. A representative of Ant Group stated the company is preparing to apply for licenses to issue stablecoins in Singapore. According to Reuters sources, regulators have reacted positively to these initiatives.

In June, Liu announced plans to apply for licenses to issue stablecoins in all countries whose currencies are widely used in international transactions, aiming to enable global settlements and convenient cross-border exchange. This statement followed Pan Gongsheng, Governor of the PBOC, announcing the creation of an international operating center for the digital yuan in Shanghai to reduce global financial system dependence on the U.S. dollar.

According to SWIFT, in May 2025, the yuan’s share in global payments fell to 2.89%, reaching a nearly two-year low, while the dollar’s share stands at 48%. “The global expansion of U.S. dollar stablecoins is posing fresh challenges to yuan internationalization,” said Wang Yongli, Former VP and Executive Director of the Bank of China. He believes the lower efficiency of cross-border payments using the digital yuan compared to dollar stablecoins poses a strategic risk to the country.

In 2024, the volume of transactions involving stablecoins reached $27.6 trillion. Meanwhile, according to CoinGecko data as of July 4, 2025, the total market cap of stablecoins exceeds $264 billion. The prices of the ten largest stablecoins by market cap are pegged to the U.S. dollar.

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