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1️⃣ Post original cont
On July 4, according to a report by Sina Finance citing Reuters, JD.com and Ant Group, a subsidiary of Alibaba, are lobbying the Central Bank of China for authorization to issue a RMB stablecoin to counter the rising influence of USD stablecoins. The two companies proposed issuing a stablecoin pegged to the offshore RMB in Hong Kong, aimed at promoting the global use of the RMB and weakening the dominance of the USD in the digital realm. Additionally, JD.com and Ant Group plan to issue a stablecoin pegged to the Hong Kong dollar after new legislation takes effect on August 1. JD.com emphasized the urgency of issuing an offshore RMB stablecoin to aid in the internationalization of the RMB during discussions with the People's Bank.