China's Tech Giants Including Ant Group Urge Central Bank to Authorize Offshore Yuan-Based Stablecoins Amid Hong Kong Legal Framework

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Published Jul 3, 2025, 12:47 PM

China's leading technology companies, including Ant Group and Alibaba, are lobbying the People's Bank of China to authorize yuan-based stablecoins issued offshore, particularly in Hong Kong. This push aims to counter the growing dominance of US dollar-linked cryptocurrencies and promote the international use of the yuan. Recent legislative developments in Hong Kong may provide a legal framework for these innovations, supporting the tokenization of real-world assets and the integration of blockchain technology into formal financial systems. The move reflects China's strategic efforts to enhance its influence in the evolving global digital currency landscape, using Hong Kong as a potential testing ground amid the country's historical preference for central bank digital currencies.

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Sources

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Reuters World

@ReutersWorld

China's tech giants lobby for offshore yuan stablecoin, sources say

Techmeme

@Techmeme

Sources: and Ant are lobbying the People's Bank of China to authorize yuan-based, Hong Kong-issued stablecoins to promote the yuan and counter USD coins (Reuters)

Reuters

@Reuters

China's tech giants and Ant Group are urging the central bank to authorize yuan-based stablecoins to counter the growing sway of US dollar-linked cryptocurrencies, people with direct knowledge of the discussions said