JD.com and Ant Group are pushing yuan-based stablecoins as part of China’s strategic response to challenge U.S. dominance in digital finance.

Quotes that support claims

Chinese tech giants JD.com and Ant Group are reportedly urging the central bank to permit them to issue yuan-backed stablecoins to counter the dominance of dollar stablecoins.

The push reflects China's broader ambitions to challenge U.S. dominance in digital finance and expand the reach of its currency globally.