RMB-backed stablecoin approval

Key Points:* JD.com and Ant Group are pushing for RMB-backed stablecoins.

• Initiative targets the RMB’s internationalization.
• No public statements from top executives. JD.com and Ant Group have taken significant steps, engaging with the People’s Bank of China on July 4, 2025, to propose the approval of an RMB-backed stablecoin. This move aims to bolster the RMB’s global position through offshore transactions.

The proposal is crucial given the dollar’s dominance in global transactions. It seeks to address current limitations by potentially launching these stablecoins in Hong Kong. No official statements have been made by company leaders.

Proposal of RMB-Backed Stablecoins to Challenge Dollar Dominance

Both JD.com and Ant Group have expressed the urgent need for offshore RMB stablecoins in meetings with China’s central bank. Their primary aim is to use these stablecoins to promote the RMB’s internationalization and facilitate cross-border payments.

This proposal could serve as a countermeasure against the dominance of dollar-backed stablecoins in the market. It plans to introduce RMB-backed alternatives in Hong Kong, potentially expanding if successful.

“If yuan cross-border payments remain less efficient than dollar-pegged stablecoins, which operate 24/7 on the blockchain, it poses strategic risks for China.” — Wang Yongli, Former Deputy Head, Bank of China

The crypto community is closely watching for regulatory and market responses.

Historical Context, Price Data, and Expert Insights

Did you know? The RMB has struggled to surpass a 3% share in global transactions, despite having launched digital yuan trials domestically.

CoinMarketCap data reveals Tether USDt remains stable at $1.00 with a market cap of $158.48 billion, despite a 15.60% decline in 24-hour trading volume. Though the price rose 1.01% over 24 hours, it has fallen 2.85% in the past 30 days.

Tether USDt(USDT), daily chart, screenshot on CoinMarketCap at 02:49 UTC on July 4, 2025. Source: CoinMarketCap Experts indicate that a successful RMB-backed stablecoin could shift financial dynamics, reshaping global payment infrastructure. While regulatory hurdles remain, gaining approval could set a precedent for integrating traditional currencies with blockchain technologies.

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