JD.com and Ant Group are lobbying the central bank to issue an offshore "Renminbi stablecoin" in Hong Kong, challenging the hegemony of the US dollar.

Sources reveal that China's JD.com and Ant Group are promoting an offshore CNY stablecoin to challenge the dominance of the US dollar stablecoin. (Background: Ripple's five-year lawsuit has finally ended! Accepting a $125 million fine confirms that XRP is not a security, and the SEC will no longer appeal.) (Supplementary background: Ripple's "XRPL EVM sidechains" Mainnet has officially launched, allowing XRP to pay Gas fees; what are its features?) Currently, the US dollar accounts for nearly 48% of the global payment market, while the CNY only accounts for 2.89%. If "digital payments" can bridge this gap, Chinese e-commerce giant JD.com and Alibaba's fintech subsidiary Ant Group hope to be key players in this process. US dollar stablecoin barriers Currently, the market capitalization of stablecoins is about $258 billion, with the top ten all pegged to the US dollar, making the dollar the default settlement layer in the crypto world. Wang Yongli, former vice president of Bank of China, reminds us: "If the efficiency of CNY cross-border payments continues to lag behind that of US dollar stablecoins, it could impact national strategic security." This highlights the passive position of the CNY in digital finance and explains why Chinese companies are eager to enter this space. Two tech giants test the waters of the CNY chain According to a Reuters report on the 3rd, JD.com and Ant Group have privately lobbied the People's Bank of China multiple times, hoping to issue a stablecoin based on offshore CNY (CNH), with Hong Kong as the first stop, extending to free trade zones and Singapore. They believe that the offshore structure will help avoid capital controls in the mainland and also test international market reactions. Hong Kong regulatory window The "Stablecoin Regulation" in Hong Kong will come into effect on August 1, requiring all fiat-pegged stablecoins to apply for licenses, seen as a regulatory sandbox and international launchpad. If the offshore CNY stablecoin materializes, it is expected to form a "cross-border anchor, domestic retail" dual track with the digital CNY (e-CNY), strengthening the circulation of the CNY. However, US dollar stablecoins have already accumulated significant network effects, making it difficult to challenge their dominance. The market still holds doubts about the CNY's convertibility and political risks, and cross-jurisdiction compliance and anti-money laundering requirements further increase uncertainty. While offshore CNY stablecoins may not replace the dollar overnight, they have already made a critical move on the digital finance chessboard. Related reports: "XRP reserves" China commuting company Webus receives Ripple Strategy’s "$100 million credit" to go all in on Ripple, WETO stock price jumps 87%. The first US "2x XRP leverage" fund launched, analysts say: Approval of Ripple's spot ETF is just a matter of time. Ripple settles with the SEC to "recover $75 million in fines," experts say this indicates that XRP's spot ETF will be approved. "JD.com and Ant Group lobby the PBOC to issue offshore 'CNY stablecoin' in Hong Kong, challenging US dollar hegemony." This article was first published in BlockTempo, the most influential blockchain news media.