Loriann Benzee qzSF
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China’s tech giants push for yuan stablecoin to challenge USDT
JD.com and Ant Group are asking China's central bank to let a yuan-pegged stablecoin be used in Hong Kong to compete with USDT's supremacy in global trading.
JD.com and Ant Group are trying to get the People's Bank of China to allow a yuan-based stablecoin in Hong Kong. They want to cut down on the use of digital currencies that are backed by the US currency. Both businesses aim to produce stablecoins backed by Hong Kong dollars when new rules go into effect on August 1. However, they say that a version linked to the yuan is necessary to encourage the yuan's adoption throughout the world.
Tether's USDT has a 68.2% market share, and right now, more than 99% of stablecoins are linked to the US dollar. More and more Chinese exporters are using USDT for foreign payments, which avoids currency concerns and capital constraints.
China banned cryptocurrencies in 2021, but regulators are still interested in stablecoins for payments between countries. The Stablecoin Ordinance that Hong Kong is about to pass will set rules for corporations like JD.com and Ant Group to follow when they seek for licensing.
If it gets the go light, a stablecoin linked to the yuan may change how China deals with digital assets and make the yuan more important in global banking.
#usdt #BTCReclaims110K #TrumpVsMusk #YuanStablecoin
JD.com and Ant Group are asking China's central bank to let a yuan-pegged stablecoin be used in Hong Kong to compete with USDT's supremacy in global trading.
JD.com and Ant Group are trying to get the People's Bank of China to allow a yuan-based stablecoin in Hong Kong. They want to cut down on the use of digital currencies that are backed by the US currency. Both businesses aim to produce stablecoins backed by Hong Kong dollars when new rules go into effect on August 1. However, they say that a version linked to the yuan is necessary to encourage the yuan's adoption throughout the world.
Tether's USDT has a 68.2% market share, and right now, more than 99% of stablecoins are linked to the US dollar. More and more Chinese exporters are using USDT for foreign payments, which avoids currency concerns and capital constraints.
China banned cryptocurrencies in 2021, but regulators are still interested in stablecoins for payments between countries. The Stablecoin Ordinance that Hong Kong is about to pass will set rules for corporations like JD.com and Ant Group to follow when they seek for licensing.
If it gets the go light, a stablecoin linked to the yuan may change how China deals with digital assets and make the yuan more important in global banking.
#usdt #BTCReclaims110K #TrumpVsMusk #YuanStablecoin
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I have 6 eggs. 🥚🥚🥚🥚🥚🥚
I broke 2. 🥚🥚
I fry 2. 🥚🥚
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How many eggs left?…
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I broke 2. 🥚🥚
I fry 2. 🥚🥚
I ate 2. 🥚🥚
How many eggs left?…
$BTC $WCT $PEPE #StrategyBTCPurchase
#USCorePCEMay #BTC110KToday? #BinanceAlphaAlert #DYMBinanceHODL
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Keep supporting each other. We will be the future changers.
#BinanceSquare #BinanceSquareFamily
$BTC $BNB $ETH
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