Author: Mask, W3C DAO
As the Hong Kong Stablecoin Regulation is about to take effect on August 1st, two Chinese tech giants, JD and Ant Group, are accelerating a far-reaching financial transformation. According to multiple sources, these two companies have submitted key recommendations to the Chinese central bank: authorization to issue stablecoins based on offshore RMB to counter the expanding influence of US dollar stablecoins in the global digital payment domain.
A transformation concerning the future monetary landscape is quietly unfolding, and if this proposal is approved, it will mark a significant shift in China's stance on cryptocurrency regulation.
I. Global Stablecoin Race, Market Anxiety Under US Dollar Dominance
The global stablecoin market is experiencing explosive growth. As of June 2025, the total stablecoin market value has exceeded $250 billion, growing over 40 times since 2020, with an annual transaction volume of $28 trillion, surpassing the total transactions of Visa and Mastercard for the first time. Beneath the surface prosperity lies a severe reality: over 95% of stablecoins are US dollar stablecoins, with the top ten stablecoins all pegged to the US dollar.
[The translation continues in this manner, maintaining the specified translations for specific terms like Circle, Tether, USDT, etc.]Regulatory technology becomes the key to balancing innovation and risk. The "Stablecoin Monitoring System" developed by the Hong Kong Monetary Authority can track issuance volume, reserve ratio, and cross-chain liquidity in real-time, requiring issuers to submit daily on-chain audit reports. This "embedded regulation" model effectively prevents systemic risks similar to the Terra collapse (which caused $40 billion to evaporate in 2022).
However, challenges remain. Data from the Bank for International Settlements (BIS) shows that 78% of central banks have adopted the "Multi-CBDC Bridge" technology framework proposed by China, but gaining recognition for offshore RMB stablecoins in a US dollar-dominated market still requires breakthrough.
"Stablecoins provide a cost-effective alternative outside traditional systems, with potential to revolutionize payment, supply chain management, and capital market activities," clearly stated Christopher Hui, Secretary of Financial Services and the Treasury Bureau of the Hong Kong SAR Government, in the "Hong Kong Digital Asset Development Policy Declaration 2.0" released on July 1.
While the first batch of licenses remains undisclosed, Huaxia Fund has begun planning to allow investors to subscribe and redeem fund products using compliant stablecoins. As more institutions join this experiment, cross-border payments will be reduced from days to seconds, with costs starting from one percent, and RMB internationalization will no longer depend on traditional banking networks, but instead establish a new digital channel on the blockchain.
Eddie Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, once predicted: "Stablecoins may restructure the trajectory of global capital flows." With new regulations taking effect on August 1, JD.com and Ant Group's stablecoin pilot will enter the operational phase,this financial innovation driven by tech enterprises is essentially a strategic attempt to reconstruct monetary influence in the digital era.
When Ant's blockchain network covers 2.5 million merchants, and JD's cross-border payments are reduced from days to seconds, this bloodless monetary competition is rewriting the future map of global finance.
