JD.com and Ant Group are promoting the development of a Renminbi-pegged stablecoin to compete with the USD.
The Chinese technology group is looking to expand the cryptocurrency influence of the Renminbi through offshore stablecoins, aiming to reduce the dominance of the USD in global payments.
MAIN CONTENT
JD.com and Ant Group propose an offshore Renminbi-pegged stablecoin via Hong Kong.
The Renminbi is sharply decreasing in global payment market share, down to 2.89% as of May 2025.
Efforts to develop stablecoins to increase the role of the Renminbi and counter the USD.
How is China promoting a Renminbi-pegged stablecoin?
JD.com and Ant Group have proposed that the People's Bank of China approve the development of an offshore Renminbi-pegged stablecoin, particularly through Hong Kong, to enhance the influence of China's digital currency internationally. A Reuters report from July 2025 indicates that the plan aims to create a balance against the dominance of USD-pegged stablecoins.
Currently, USD-pegged stablecoins account for over 99% of the global market share, led by Tether's USDT and Circle's USDC, according to data from the Bank for International Settlements (BIS). The stablecoin market, valued at $247 billion, is expected to grow to $2 trillion by 2028 according to Standard Chartered's forecast.
What do directors and experts say about this trend?
Mr. Wang Yongli, co-chairman of Digital China Information Service and former deputy governor of the People's Bank of China, commented,
"If cross-border payments in Renminbi are not as effective as USD-pegged stablecoins, it will be a strategic risk."
Wang Yongli, Co-Chairman of Digital China Information Service, 2025
Mr. Xiao Feng, Chairman of the HashKey cryptocurrency exchange, emphasized,
"China cannot continue to sit on the sidelines."
Xiao Feng, Chairman of HashKey, 2025
What is driving China to accelerate stablecoins?
China aims to expand the influence of the Renminbi in international payments, especially after the cryptocurrency ban in 2021. However, the country faces many challenges regarding strict capital controls and the declining position of the Renminbi in the global payment system.
SWIFT data from May 2025 shows that the Renminbi's share dropped to 2.89%, the lowest level in nearly two years, while the USD accounted for nearly 48.46%. This effort stems from the fact that many Chinese businesses prefer USD-pegged stablecoins (like USDT) for cross-border payments.
What are the specific moves of JD.com and Ant Group?
JD.com plans to issue an offshore USD-pegged stablecoin by the end of 2025, while Ant Group is seeking a license to issue a stablecoin in Hong Kong, Singapore, and Luxembourg to expand its blockchain payment ecosystem.
This is a strategic move aimed at reducing the proportion of the USD in digital payments and arises from the context of restarting US-China trade negotiations, raising hopes for the cryptocurrency market, which previously pushed Bitcoin above $110,000 before cooling down due to a lack of clear progress.
Notable quotes from Chinese technology leaders
"We must act immediately to secure the position of the Renminbi in the new digital era."
CEO of Ant Group, 2025
Frequently Asked Questions
What is a stablecoin and why is China interested?
A stablecoin is a type of cryptocurrency that ties its value to real assets, like the Renminbi, enabling fast and stable payments. China wants to increase its international monetary influence.What role do JD.com and Ant Group play in this project?
The two major technology groups are promoting the development of an offshore Renminbi-pegged stablecoin, supporting the expansion of cross-border digital payments.What is the current global payment market share of the Renminbi?
As of May 2025, the Renminbi's share in global payments fell to 2.89%, the lowest in nearly two years.What will the issuance of stablecoins help China?
It will help increase the role of international currency, reduce dependence on the USD, and promote faster, more transparent cross-border payments.What are the biggest challenges for Renminbi stablecoins?
Mainly strict capital controls and competition in the stablecoin market, where the USD holds almost absolute dominance.
Source: https://tintucbitcoin.com/stablecoin-yuan-tranh-dua-usd-thi-truong/
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