China, threatened by customs tariffs, the war of semiconductors and tensions around its oil supply in the Middle East, would it kneel? The scenario would be tempting for its detractors. However, rather than begging for the leniency of the United States, she retaliated otherwise. At low noise. It refines a discreet but powerful monetary weapon: the stablecoin backed by the yuan. Behind Hong Kong, a strategic battle is going on.
In short
- JD.com and Ant Group want a Stablecoin in Yuan launched since the jurisdiction of Hong Kong.
- Hong Kong becomes a legal laboratory for Chinese crypto with strict regulations from August 2025.
- China wishes to compete with the dollar via a stable offshore without changing its internal laws.
- Technical partnerships are already ready to control the emission, use and infrastructure of Stablecoins.
Why China pushes JD.com and Ant in the Stablecoins War
In the muffled corridors of Beijing, the giants JD.com and Ant Group do not go there by four paths. For several months, they have been pleading in front of the Banque Populaire de China (PBOC) For Have a stablecoin based on yuan offshore approved. This initiative takes place in parallel with another major geopolitical change: in Russia, the digital ruble is preparing to become compulsory for banks and major commercial brands. Hong Kong, this mid-international half-international hub would be their playground.
Why a Stablecoin in Yuan? Because that in dollar de Hong Kong remains, in many ways, a greenback extension. For Richard Liu, Founder of JD.com, the stake is clear: the yuan backed by a stablecoin is essential to support the internationalization of our currency.
Hong Kong will officially become, from the August 1, 2025,, regulated land for stablecoins. JD and Ant see it as a geopolitical opportunity. As a rise in monetary tensions, they want get rid of the digital dollar which, according to the Bank for International Settlements, represents more than 99 % of stablecoins existing.
What China offers is not an Western crypto adoption. It is a replica. A crypto-pivot designed in the rules… of the party.
Stablecoin Yuan: The cryptocurrency of Chinese giants in Hong Kong
Hong Kong, long Financial laboratory for continental Chinahas become a central pawn again in the world monetary puzzle. On May 21, 2025, the city adopted the Stablecoins Bill, Ambitious legislation framing stablecoins issuers.
From theApplication of the law in August,, only transmitters with a license will be able to operate. Compulsory reserves, audits, total transparency, everything is planned to attract institutional and reassure states. JD and Ant rejoice. They are already in the running to obtain their sesame.
For the Banque Populaire de China, this advance is also a life -size test. Because if Beijing still prohibits cryptos on the continent, she observes Hong Kong as a legal and technological mirror. A form of regulation without frontal control. Like theRecently explained Huang Yipingmonetary advisor at the PBOC:
Since the capital account of China is not entirely liberalized, it would be very difficult to launch a stablecoin at the national level.
In summary, China plays with the fire of cryptocurrencies … but in keeping the match.
Behind the curtain: what Chinese interest hides for stablecoins
Behind this rush to the Stablecoins hides a double agenda. The first, economical: meet the growing demand of Chinese exporterswhich turn massively to the USDT To get around capital controls and limit exchange risks. The second, politics: weaken the domination of the dollar in international payments.
- The Yuan now represents only 2.89 % of world payments (Swift, May 2025);
- Dollar stablecoins (USDT, USDC) cover more than 99 % of the market;
- The Stablecoins market is estimated at $ 247 billion, with $ 2,000 billion projection by 2028 (Standard Charterd);
- Crypto HK crypto-platform has observed a five-use multiplication of USDT in Chinese exporters since 2021.
Ant Group also plans to obtain licenses in Singapore. For his part, JD proposes that the Stablecoin Yuan be tested in Hong Kong, before a deployment in the free zones of continental China.
And behind the scenes? The strategic partnership between North King and Gofintech. Together, they develop Wallets for Stablecoins… to Chinese standards. Equipment and protocols to guarantee security. A crypto ecosystem calibrated for export, but thought of Beijing.
While dedollarization is accelerating – aloud or behind the scenes – the world is looking for alternatives. Swift faces rivals, the regulations around the dollar stablecoins are tightened in Europe, and CBDC are generalized. In China, it takes a very concrete form: the digital yuan. A programmable status token compatible with the vision of control that Beijing cherishes so much.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
