Stablecoin News – Chinese tech giants JD.com and Ant Group are intensifying efforts to secure Hong Kong’s stablecoin licenses, advocating for yuan-pegged digital assets to challenge U.S. dollar dominance. On July 7, 2025, reports indicated that both firms are among over 40 applicants preparing for Hong Kong’s licensing regime, set to begin on August 1. The push aligns with Asia’s growing interest in local currency-based trade, as emphasized by Hong Kong’s Financial Secretary Paul Chan, who sees stablecoins as a cost-effective tool for cross-border payments.
JD.com recently debunked scams promoting a fake “JD stablecoin,” signaling its intent to develop an official yuan-pegged token. Ant Group’s Ant International, which operates Alipay, aims to integrate stablecoins into its payment ecosystem, leveraging Hong Kong’s progressive regulations. The HKMA’s framework allows multi-currency issuance, making it attractive for yuan-based projects. This move could enhance China’s influence in global finance, especially as the digital yuan gains traction domestically.
However, mainland China’s strict crypto regulations contrast with Hong Kong’s approach, creating a complex dynamic. Shenzhen’s July 7 warning about stablecoin scams highlights the risks of unregulated assets, with authorities linking tokens like USDT to fraudulent schemes. Despite these challenges, the tech giants’ push reflects a strategic effort to position yuan-pegged stablecoins as viable alternatives in international trade. Success hinges on navigating Hong Kong’s stringent requirements and addressing global concerns about stablecoin stability and regulatory compliance.
