JD.com and Ant Group promote RMB stablecoin pilot and actively lobby central bank to deal with dollar dominance
B.news
JD.com and Alibaba's Ant Group are jointly lobbying the People's Bank of China to seek authorization to pilot the issuance of stablecoins pegged to offshore RMB in Hong Kong, according to multiple sources. The move is intended to hedge the growing dominance of US dollar stablecoins in the global digital asset field, while promoting the internationalization of RMB in cross-border payments and digital financial systems.
The two companies submitted a joint proposal to the central bank, suggesting that the first RMB stablecoin project led by technology companies be launched in Hong Kong through cooperation with the Hong Kong Monetary Authority. According to the preliminary plan, the RMB stablecoin will be anchored to the offshore RMB pool and issued in parallel with the Hong Kong dollar stablecoin, providing international users with local currency alternatives in scenarios such as trade settlement, digital asset transactions and virtual payments.
It is reported that JD.com and Ant Group also plan to issue compliant stablecoins pegged to the Hong Kong dollar after the Hong Kong "Stablecoin and Virtual Asset Ordinance" officially takes effect on August 1, 2025, to test the technical architecture, market acceptance and cross-border clearing efficiency.
JD.com pointed out in its communication with the central bank that current US dollar stablecoins such as USDT and USDC have penetrated into the core infrastructure of the global crypto ecosystem. If the RMB cannot enter the market in time, it will continue to be marginalized in the new round of global financial digitalization competition. The company emphasized that the issuance of offshore RMB stablecoins is not only of monetary policy significance, but also in line with the country's "Digital Silk Road" strategic direction, which will help increase the frequency and acceptance of RMB in emerging markets and Web3 economy.
Ant Group proposed that its self-developed "Trusple" blockchain cross-border payment platform and OceanBase database technology have the ability to handle high-frequency small payments and high-concurrency on-chain transactions, which can provide full-stack support for the actual circulation and clearing and settlement of stablecoins. The group also suggested that licensed banks or large financial institutions should hold custody of reserves to improve the transparency and regulatory controllability of stablecoins.
As an important bridgehead for the internationalization of the RMB, Hong Kong is regarded as the most ideal area for the pilot. The Hong Kong Monetary Authority also stated earlier that it is actively studying stablecoins issued by private institutions and anchored to legal currencies, and will gradually clarify the regulatory requirements for issuance qualifications, custody mechanisms, audit disclosures, etc.
If the plan is approved by the central bank, it will mark the first time that China has explored the development path of stablecoins with a combination of "policy guidance + technology enterprise implementation", and it may also have a far-reaching impact on the global digital currency landscape. Whether the RMB stablecoin can gain an advantage in the competition with the US dollar stablecoin in the future still depends on the clarity of regulatory support, the breadth of scenarios, and the execution of enterprise promotion.
