5 h. ago Economist Huang Yiping floats Hong Kong as stablecoin staging ground

Issuing a stablecoin pegged to the offshore yuan in Hong Kong may be more feasible than in mainland China due to the latter’s capital controls, a central bank adviser has said. The comments from Huang Yiping, also dean of Peking University’s National School of Development, came as worries arise in Beijing’s policy circles that Washington could gain an upper hand through the cryptocurrency offshoot as a means of consolidating US dollar dominance. “As China’s capital account is not fully...

Politics

7 h. ago China's tech giants lobby for offshore yuan stablecoin, sources say

China's tech giants lobby for offshore yuan stablecoin, sources say  Reuters

Politics

15 h. ago Mainland digital yuan partner signs deal to develop stablecoin tech in Hong Kong

A Beijing-based fintech services provider, which has provided billing systems for China’s digital yuan, has signed a strategic partnership with a Hong Kong firm to tap stablecoin and virtual asset business opportunities, in the latest sign of mainland interest in the city’s recent moves to license cryptocurrency issuers. Shenzhen-listed North King Information Technology said on Wednesday that it had struck a deal with Hong Kong-listed GoFintech Quantum Innovation to develop infrastructure to...

Politics

15 h. ago Mainland Chinese digital yuan partner to develop stablecoin tech in Hong Kong

A Beijing-based fintech services provider, which has provided billing systems for China’s digital yuan, has signed a strategic partnership with a Hong Kong firm to tap stablecoin and virtual asset business opportunities, in the latest sign of mainland interest in the city’s recent moves to license cryptocurrency issuers. Shenzhen-listed North King Information Technology said on Wednesday that it had struck a deal with Hong Kong-listed GoFintech Quantum Innovation to develop infrastructure to...

Politics

28 h. ago The world is going all in on stablecoins. Is China’s digital yuan any different?

When South Korea reportedly halted its digital currency pilot programme this week in favour of stablecoins – cryptocurrencies pegged to a reference asset, typically a fiat currency – it sent shock waves through central banks across the world. It also left China – a pioneer in central bank-backed digital currencies with its digital yuan, or e-CNY – with an important question to answer, namely whether it should continue to explore such digital assets or revisit the possibility of adopting the...

Politics

38 h. ago China Urged to Embrace Stablecoins as US Moves to Cement Lead

China Urged to Embrace Stablecoins as US Moves to Cement Lead  Bloomberg.com

Politics

5 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

9 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

2 w. ago China And The Digital Yuan: The Ultimate Battle Against Dollar Hegemony?

China And The Digital Yuan: The Ultimate Battle Against Dollar Hegemony?  Cointribune

Events

2 w. ago Chinese Central Bank pledges global expansion of digital yuan — Report

Chinese Central Bank pledges global expansion of digital yuan — Report  Cointelegraph

Politics

2 w. 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

2 w. 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

2 w. 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 will boost the yuan’s global reach with new operations centre, PBOC says

China will set up an “international operations centre” for the digital yuan to boost the global influence of the renminbi, People’s Bank of China Governor Pan Gongsheng announced at the Lujiazui Forum in Shanghai on Wednesday. The measure was among eight financial policies Pan announced during the opening of the annual finance-facing forum, which also included pledges that China would pilot a range of structural monetary policy tools in Shanghai. The policies come at a time when growing tensions...

Politics

3 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