🇨🇳🤝 Tech Giants Push for Yuan-Backed Stablecoin in Hong Kong

Key Points:

JD.com & Ant Group (Alibaba affiliate) reportedly proposed offshore yuan-pegged stablecoins to China's central bank (PBOC)

Plan targets Hong Kong, where new crypto regulations take effect August 1

Goal: Reduce reliance on dollar stablecoins (USDT/USDC) in cross-border trade

Why It Matters:

🔹 Chinese exporters increasingly use USDT to bypass currency controls
🔹 PBOC advisor Huang Yiping hinted at possible approval for offshore RMB stablecoins
🔹 Governor Pan Gongsheng warned crypto poses regulatory challenges

"An offshore RMB stablecoin could promote yuan internationalization"
– Industry observers

The Big Picture:
If approved, this could:
✅ Boost yuan usage in global trade
✅ Challenge USDT's dominance in Asia
✅ Position Hong Kong as a crypto hub

Your Take:
Smart move for China's financial sovereignty or regulatory tightrope? 💬