The timing adds urgency to China’s considerations as the GENUIS Act is close to legitimizing dollar-pegged cryptocurrencies.
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Chinese Tech Giants Alibaba and JD.com Urge Central Bank Approval for Yuan-Based Stablecoins
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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.
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