China’s tech groups turn to stablecoins for growth

Despite a ban on cryptocurrencies in mainland China, interest in stablecoins is rising among policymakers, particularly as Hong Kong prepares to implement stablecoin licensing rules. Companies like JD.com and Ant Group are poised to capitalize on potential revenue from renminbi-pegged stablecoins, enhancing trade efficiency and enabling new income streams, thereby reducing reliance on consumer cycles and bolstering China’s monetary status.