Xiao Feng, HashKey chairman, highlighted the growing reliance on USDT by Chinese exporters, a trend that JD.com and Ant Group are directly responding to through their push for yuan-based stablecoins.

Quotes that support claims

Chinese exporters are increasingly using dollar-pegged stablecoins as overseas merchants send payments in USDT, according to HashKey chairman Xiao Feng.

Many Chinese exporters now use dollar stablecoins as "more and more overseas merchants are sending payments in USDT", he said, referring to the world's more popular stablecoin Tether.