3 d. ago China’s stablecoin edge? WeChat and Alipay, says top economist

China already has de facto stablecoins in the form of WeChat Pay and Alipay, a top economist at the country’s leading investment bank has argued – amid growing calls for Beijing to quickly adapt to the global rise of digital assets. “From an economic perspective, money based on third-party payment platforms functions much like stablecoins – and China holds a comparative advantage in this area, having already built a relatively mature regulatory framework,” said Peng Wensheng, chief economist at...

Economics

6 d. ago Are stablecoins the future? Don’t bank on it, warns the bank for central banks

With some major economies leaping onto the stablecoin train – or being urged to do so, to further globalise their currencies – others are mulling whether getting on board would be akin to either riding the gravy train or feeling it fail to gather steam. Now, the international financial organisation known as the “bank for central banks” has waded into the stablecoin debate as the buzzword gathers momentum. In a “special chapter” released on Tuesday in advance of Sunday’s release of its Annual...

Events

1 week ago Hong Kong could serve as stablecoin test bed to raise yuan’s profile

Hong Kong could serve as a stablecoin test bed to boost the internationalisation of the yuan as Beijing puts more focus on the digital version of its currency, according to the chairman and CEO of HashKey Group. “Due to its ‘one country, two systems’ characteristics, Hong Kong’s stablecoins can serve as a testing ground for the mainland, providing both experience and lessons,” said Xiao Feng, who heads one of the city’s licensed cryptocurrency exchange operators, on Wednesday. Earlier in the...

Politics

1 week ago China’s JD.com enters stablecoin race as US passes GENIUS Act

China’s JD.com enters stablecoin race as US passes GENIUS Act  Cointelegraph

Politics

1 week ago China’s JD Eyes Global Stablecoin Licenses to Slash Payment Costs

China’s JD Eyes Global Stablecoin Licenses to Slash Payment Costs  Decrypt

Economics

2 w. ago China’s Ant International to seek stablecoin licence in Hong Kong

Fintech firm Ant International, the global affiliate of Chinese tech giant Ant Group, said it would apply for a stablecoin issuer licence in Hong Kong once the new ordinance governing fiat-backed cryptocurrencies comes into effect in August. “We welcome the passage of the Stablecoins Bill and hope to contribute more to the city’s vision as a global hub for next-gen finance,” Ant International said in a statement on Thursday. “We plan to apply for the fiat-referenced stablecoins issuer’s...

Politics

3 w. ago China Renaissance’s investment in stablecoin issuer Circle pays off

China Renaissance, which has funded many leading Chinese technology firms, made another winning bet after shares of stablecoin issuer Circle Internet Group more than doubled on their debut in New York. The Chinese investment bank said in a filing to the Hong Kong stock exchange on Friday that it had invested in Circle, which was founded in 2013, in 2018 through its Huaxing New Economy Fund. The investment reflected its “strong confidence in the growth prospects of the digital asset industry”,...

Economics