China's e-commerce giant JD.com and Ant Group, a financial technology company under Alibaba, are actively seeking approval from the People's Bank of China (PBOC) to issue a stablecoin based on the renminbi, in order to curb the global expansion of dollar-pegged tokens.
According to Reuters on Thursday, citing informed sources, the two companies urged regulators to allow the issuance of a stablecoin backed by offshore renminbi (CNH) in Hong Kong, believing that this move would help enhance the renminbi's status in global trade while limiting the influence of the dollar.
Reports indicate that JD.com executives recently stated in closed-door meetings with the central bank that the launch of a renminbi stablecoin is imminent and would help promote the internationalization of the renminbi.
Currently, JD.com and Ant Group are preparing to apply for stablecoin issuance licenses in Hong Kong and Singapore. JD.com has also suggested piloting the issuance of the renminbi stablecoin in Hong Kong first, before gradually expanding to China's free trade zones. The initial feedback from regulators on this proposal is considered "relatively positive."
In May of this year, the renminbi's share in global payments fell to 2.89%, a new low in nearly two years. The dollar, on the other hand, accounted for as much as 48% of the market share, according to data reported by Reuters citing payment platform Swift.
Industry veteran and former vice president of the Bank of China, Wang Yongli, warned last month that if the efficiency of renminbi cross-border payments remains lower than that of dollar stablecoins, it would pose strategic risks for China.
The current discussions come as Hong Kong accelerates the improvement of stablecoin regulatory rules. Last week, Hong Kong announced a new digital asset development plan, focusing on stablecoin regulation and promoting asset tokenization through the "LEAP" (Leading, Enabling and Accelerating Platform) framework, with goals including achieving legal clarity, ecological development, practical application scenarios, and talent cultivation.
Under the new framework, the Hong Kong government will implement a stablecoin issuer licensing system starting August 1, "which will help promote the development of practical application scenarios."
In June of this year, JD.com founder Liu Qiangdong stated that the e-commerce giant plans to "apply for our stablecoin licenses in all major sovereign currency countries around the world."
Previously, PBOC Governor Pan Gongsheng announced plans to establish an international digital renminbi operation center in Shanghai to promote the internationalization of the digital renminbi and reduce global reliance on the dollar.
Pan Gongsheng stated at the time that China envisions establishing a "multipolar" currency system supported by multiple currencies to jointly sustain the global economy. This vision sharply contrasts with the current landscape dominated by a few currencies such as the dollar and euro in the global financial system.
According to CoinMarketCap data, the current market capitalization of stablecoins has exceeded $258 billion. The top ten stablecoins by market capitalization are all dollar-pegged. The EURC, pegged to the euro, is the largest non-dollar stablecoin, ranking eleventh.
Related: SOL News Update: REX Shares Solana ETF Boosts Price, Can the Momentum Continue?
Original article: “JD.com and Ant Group Promote Renminbi Stablecoin, Challenge Dollar Dominance”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
