Chinese Tech Giants Alibaba and JD.com Urge Central Bank Approval for Yuan-Based Stablecoins

Description

Chinese tech giants Alibaba and JD.com urge central bank approval for yuan-based stablecoins to counter US dollar dominance in $247B global stablecoin market.

Authors

Anas Hassan

Publish date

July 4, 2025

Publisher

CryptoNews

Web URL

https://cryptonews.com/news/chinese-tech-giants-alibaba-and-jd-com-urge-central-bank-approval-for-yuan-based-stablecoins/?feed_id=17430&_unique_id=6867a09fa5e17

Referenced by

Alibaba and JD.com presses PBOC on stablecoin approval

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News story

The yuan’s share of global payments dropped to 2.89% in May, its lowest in nearly two years, while the dollar commands 48.46% market share through SWIFT payment systems.

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Quote

Chinese tech giants JD[dot]com and Alibaba affiliate Ant Group are pressuring the People’s Bank of China to authorize yuan-based stablecoins.

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Quote