TechFlow, July 4 — According to Reuters as cited by Sina Finance, JD.com and Ant Group, an affiliate of Alibaba, are lobbying the People's Bank of China to authorize the issuance of renminbi stablecoins in response to the growing influence of dollar-denominated stablecoins. The two companies have proposed issuing stablecoins pegged to offshore renminbi in Hong Kong, aiming to promote global use of the renminbi and reduce the U.S. dollar's dominance in the digital realm. Additionally, JD.com and Ant Group plan to launch stablecoins pegged to the Hong Kong dollar following new legislation taking effect on August 1. During discussions with the People's Bank of China, JD.com emphasized the urgency of issuing offshore renminbi stablecoins to advance renminbi internationalization.
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