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.

Quotes that support claims

The message appears to have been received, with the U.S. Congress now closer to passing stablecoin regulation law known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

The timing adds urgency to China’s considerations as the GENUIS Act is close to legitimizing dollar-pegged cryptocurrencies.