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.

Quotes that support claims

The global stablecoin market is currently small at about $247 billion, according to crypto data provider CoinGecko. However, Standard Chartered Bank estimates it could grow to $2 trillion by 2028.

The push is a shift from China’s 2021 crypto ban, which is strategic, as it came at a time when Standard Chartered Bank projects the global stablecoin market could reach $2 trillion by 2028, driven by anticipated U.S. regulatory explicit clarity and institutional adoption.