Chinese tech giants are preparing to launch stablecoins pegged to the yuan: a new stage of currency expansion.

Chinese technology giants JD.com and Ant Group have applied for licenses to issue stablecoins pegged to the yuan. The companies intend to launch the project in Hong Kong, viewing it as a launchpad for the international spread of the Chinese currency. Previously, they received permission to issue stablecoins backed by the Hong Kong dollar, but deemed this insufficient due to its peg to the USD. Ant Group also plans to obtain licenses in Singapore, while JD.com aims to expand the initiative to free trade zones. The project is aimed at strengthening the yuan's position and reducing dependence on dominant dollars.#Binance #newscrypto #WalletConnect #Write2Earn #