JD.com, Ant Push Yuan Stablecoins to Rival Dollar Tokens

China’s e-commerce heavyweight JD.com and Ant Group, the fintech arm of Alibaba, are lobbying the People’s Bank of China (PBOC) to greenlight Chinese yuan-based stablecoins in a bid to counter the global rise of US dollar-pegged tokens.

The two firms urged regulators to allow stablecoins backed by offshore yuan (Chinese yuan that circulates outside mainland China) to launch in Hong Kong, arguing it would strengthen the yuan’s role in global trade while limiting the dollar’s influence, Reuters reported Thursday, citing sources familiar with the…