Guomei or the RMB stablecoin "dark horse" surpasses Ant Group and JD.com to take the lead in obtaining a license.

As everyone's attention is focused on internet giants like JD.com, Ant Group, and Tencent vying for stablecoin licenses in Hong Kong, an unexpected figure is quietly approaching the table—Huang Guangyu and his Gome. This former richest man in China, now bringing his retail empire, could become a dark horse in the battlefield of the RMB stablecoin, overturning our inherent understanding of the Web3 financial landscape.

Hong Kong Stablecoin Competition: JD.com is just one of many "top students"

The passage of the "Stablecoin Regulation" in Hong Kong in 2025 has triggered a wave of stablecoin enthusiasm. JD.com's JD Coin Chain Technology has tested its JD-HKD, pegged to the Hong Kong dollar, in the Hong Kong Monetary Authority's "Stablecoin Sandbox." However, JD.com is not the only player. Giants like Ant, Tencent, and Xiaomi are also competing in this arena. In this competition, JD.com appears more like a "compliance star" rather than a disruptor.

The layout of major technology giants in the stablecoin sector in Hong Kong is eye-catching, but they face a common challenge: how to integrate this new element of stablecoins into their existing business models. For these giants, stablecoins are more like a "nice-to-have" business expansion rather than a "do or die" strategic transformation.

The 'Inherent Limitations' of Hong Kong Dollar Stablecoin and the Strategic Opportunities of Renminbi Stablecoin

The design of stablecoins in Hong Kong has inherent bottlenecks. The Hong Kong dollar itself is pegged to the US dollar and operates under a linked exchange rate system. This means that the Hong Kong dollar stablecoin is essentially an extension of the US dollar system, making it difficult to escape the shadow of the US dollar. As some viewpoints have pointed out, the stability of the Hong Kong dollar stablecoin is not determined by Hong Kong, but is still defined by the US dollar. This dependency limits its space for independent strategic roles.

Compared to the Hong Kong dollar stablecoin, the renminbi stablecoin has more strategic significance. It is regarded as one of the key pathways to breaking the dollar hegemony and promoting China's financial autonomy. China has become the world's second-largest economy and the largest goods trading nation, possessing a complete industrial chain and a vast market, which provides strong economic fundamental support for the renminbi stablecoin.

Why Huang Guangyu and Gome? The driving force behind the "no way out" breakthrough

Among the many giants, Gome led by Huang Guangyu has its unique advantages, making it a potential dark horse in the field of RMB stablecoins:

The Four Major Advantages of Guomei:

1. Internet O2O Basics: Gome has completed Internet O2O (online-offline integration), and the core of blockchain O2O is to connect on-chain assets with real-world demands. Gome's extensive offline retail network and supply chain system across the country provide a natural scenario and foundation for the tokenization of RWA (real-world assets).
2. The Breaking Force of "No Way Out": Unlike JD's Liu Qiangdong's "too many choices", Huang Guangyu's "no way out" has instead become a breaking force. The current predicament of Gome makes transformation urgent, and stablecoins and the RWA track not only align with the country's financial strategy but also deeply bind with Gome's existing offline retail scenarios, bringing new vitality to it.
3. Natural Fit of RWA: RWA (Real World Assets) tokenization is a key component of the integration of blockchain technology with the physical economy. Local governments have attempted to finance quality assets by issuing tokens on-chain through RWA tools, with the core concern being very practical: "Can we raise funds?" The vast inventory of Gome, accounts receivable in the supply chain, and even store assets could all become quality targets for RWA tokenization.
4. The "Humility" and "Hands-on Approach" of Entrepreneurs: In the face of new things like blockchain and stablecoins, Huang Guangyu has made multiple attempts to transform in recent years, from home decoration to the "metaverse", but with little success. However, this experience of "failing and trying again" may also become his valuable asset. Huang Guangyu's experiences may make him more willing to "take a hands-on approach" and engage in the construction of stablecoins as a practitioner.

An unexpected financial counterattack is brewing

The development of the renminbi stablecoin requires the combination of physical genes and financial innovation, necessitating practitioners who "immerse themselves in the field" rather than mere observers. In this wave of financial innovation, Huang Guangyu and Gome may become an unexpected yet reasonable variable precisely due to their "no turning back situation" and "offline physical genes."

While many people are focusing on tech giants like JD.com and Ant Group, Huang Guangyu and Gome may be brewing an unexpected comeback. The competition in the stablecoin sector may no longer be an exclusive game for the big players. Sometimes, the biggest advantage lies not in having too many choices, but in having no choice at all. This competition for the Renminbi stablecoin may be written by an unexpected dark horse, creating a new chapter.