Chinese tech giants are accelerating the global race for offshore yuan stablecoins as part of efforts to internationalize the currency.
Two major Chinese technology companies, JD.com and Ant Group, are pressuring the People’s Bank of China (PBOC) to authorize the launch of yuan-backed stablecoins in offshore territories.
According to sources cited by Reuters, the two tech firms have urged the central bank to greenlight the issuance of yuan stablecoins based in Hong Kong. These confidential discussions represent a strategic move to secure a foothold in the emerging stablecoin market.
In closed-door meetings, JD.com presented arguments to the PBOC emphasizing the critical importance of offshore yuan stablecoins in promoting the internationalization of China’s currency.
Ant Group announced its intention to apply for a stablecoin license in Hong Kong, while JD.com’s founder, Richard Liu, revealed plans for the company to obtain stablecoin licenses in multiple global jurisdictions.
The Hong Kong Monetary Authority has already launched a sandbox for stablecoin issuers, with notable participants including Standard Chartered Bank, Animoca Brands, Hong Kong Telecommunications, JD Coinlink, and RD InnoTech.
PBOC Governor Pan Gongsheng acknowledged that stablecoins and central bank digital currencies are reshaping the global payments infrastructure. Pan also announced plans to establish an international e-CNY operations center in Shanghai to expand the global influence of China’s yuan.
China’s push for offshore yuan stablecoins comes as the United States moves forward with regulation. The U.S. Senate approved the GENIUS Act last month, advancing it to the House for further consideration.
