JD.com and Ant Group are lobbying the People's Bank of China (PBOC) to introduce yuan-based stablecoins aimed at increasing the currency’s global influence and countering the dominance of US dollar-pegged tokens. The companies argue that allowing offshore yuan to circulate in Hong Kong would enhance the yuan’s role in global trade. JD.com plans to apply for stablecoin licenses in Hong Kong and Singapore, advocating for the issuance of yuan stablecoins initially in Hong Kong, with potential expansion to Chinese free trade zones. The move comes as the yuan's share of global payments has fallen to 2.89%, whereas the dollar accounts for almost 48%. Former Bank of China deputy head Wang Yongli highlighted that inefficient yuan cross-border payments could pose strategic risks for China. Hong Kong is establishing a regulatory framework for stablecoins with a licensing regime starting in August. This initiative aligns with PBOC Governor Pan Gongsheng's vision of reducing dependency on the US dollar and fostering a multipolar currency system.

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