According to Deep Tide TechFlow news, on July 4, Reuters reported that Chinese tech giants JD.com and Ant Group, owned by Alibaba, are lobbying the People's Bank of China to authorize the issuance of a yuan stablecoin to counter the growing influence of dollar stablecoins.

The two companies proposed issuing a stablecoin pegged to the offshore yuan in Hong Kong, aiming to promote the global use of the yuan and weaken the dollar's dominance in the digital realm.

In addition, JD.com and Ant Group plan to issue a stablecoin pegged to the Hong Kong dollar after new legislation comes into effect on August 1. JD.com emphasized the urgency of issuing an offshore yuan stablecoin to aid the internationalization of the yuan in discussions with the People's Bank.