Dollar hegemony and U.S. policy response

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JD.com and Ant Group are lobbying for yuan stablecoins as the global stablecoin market rapidly grows, with projections of the stablecoin market reaching $2 trillion by 2028, as stated by Standard Chartered Bank.
JD.com and Ant Group’s stablecoin efforts are partly driven by the U.S. GENIUS Act, which could legitimize dollar-backed stablecoins and entrench the dollar's digital dominance.
Wang Yongli, former vice head of Bank of China and co-chairman of Digital China Information Service Group, warned that the global expansion of U.S. dollar stablecoins poses a strategic risk to China’s monetary sovereignty, reinforcing the case made by JD.com and Ant Group for offshore yuan stablecoins.
JD.com and Ant Group are promoting yuan-based stablecoins in response to a $247 billion global stablecoin market where over 99% of tokens are U.S. dollar-denominated, according to the Bank for International Settlements.
Pan Gongsheng, governor of the People's Bank of China, warned that the rise of digital currencies and stablecoins presents major regulatory challenges.

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