China’s Answer to the Digital Dollar: A New Push for a Yuan-Backed Stablecoin

• Stablecoin regulatory framework progress in the US triggers a reaction from China.
• China’s tech giants urge the government to respond to the US stablecoin achievements.
• JD.com and Ant Group suggest a countermove to promote the Chinese yuan.

To counter an incoming US dominance in the digital asset space, China’s tech giants JD.com and Ant Group, an affiliate of Alibaba, are now urging Beijing to authorize a yuan-based stablecoin, a countermove after the U.S. passed the GENIUS Act for clarity on dollar-linked cryptocurrencies.

This proposal escalates the well-documented economic and trade battle between the two superpowers into the digital asset sector, with both nations now competing to set the standards for global digital finance.

China’s Proposal: A Yuan Stablecoin in Hong Kong

In their proposal to China’s central bank, JD.com an…

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