Digital Currency Showdown: Chinese Tech Giants Plot Yuan Stablecoin Strike Against the Dollar

Description

Chinese tech giants are urging the central bank to grant them permission to issue yuan-backed stablecoins in a bid to challenge the growing dominance of dollar-based stablecoins.

Authors

Terence Zimwara

Publish date

July 4, 2025

Publisher

Bitcoin.com News

Web URL

https://news.bitcoin.com/digital-currency-showdown-chinese-tech-giants-plot-yuan-stablecoin-strike-against-the-dollar

Referenced by

Alibaba and JD.com presses PBOC on stablecoin approval

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News story

The global expansion of U.S. dollar stablecoins is posing fresh challenges to yuan internationalization. It would be a strategic risk if cross-border yuan payment is not as efficient as dollar stablecoins,” Wang stated.

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However, many observers argue that while China desires the yuan to become a global reserve currency like the dollar, achieving this goal is torpedoed by its tight capital controls.

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