🌍 China and Japan back stablecoins to challenge U.S. dollar dominance

Tech giants JD.com and Ant Group push for yuan-backed stablecoins in Hong Kong — while Japan’s Minna Bank turns to Solana for Web3 finance.

💴 China eyes stablecoins to globalize the yuan

Two of China’s largest tech players — JD.com and Ant Group — are pressuring Beijing to greenlight yuan-pegged stablecoins issued from Hong Kong.

Their goal? Break the dominance of USD-backed giants like USDT and USDC — and internationalize the yuan (CNH).

JD.com is preparing for HKD-backed stablecoins (launching August 1), but also lobbying for offshore yuan-based issuance.

📊 If approved, these CNH stablecoins could power:

• Cross-border trade
• Low-friction digital payments
• B2B integration in Asia and Africa

🚫 China’s ban + digital yuan strategy

Since 2021, mainland China has:

• ❌ Banned most crypto and stablecoin usage domestically
• 🏦 Focused on its CBDC — the digital yuan (e-CNY)
• 🧯 Cited risks like capital flight, tax evasion, and financial fraud

But offshore stablecoins are a loophole:

• 🌐 Serve as bridge currency for global commerce
• 📲 Enable private sector innovation
• 🛠️ Complement, not compete with, state-run CBDC

This allows China to flex monetary muscle internationally, without relaxing control domestically.

🏦 Japan’s Minna Bank brings Solana to TradFi

Meanwhile in Japan, fully digital Minna Bank just partnered with:

• 🔗 Solana Foundation
• 🔐 Fireblocks
• 🖥️ TIS Inc.

Their goal? Bring stablecoins and Web3 wallets into traditional finance.

Use cases under testing:

• 📱 Mobile-first banking
• 👛 Consumer-friendly DeFi access
• 💳 On-chain payments for everyday users

“Stablecoins can unlock a new level of efficiency in the digital economy.” — Michael Shaulov, Fireblocks CEO

📊 Why this matters now

The global stablecoin market cap just passed 250B.

Governments, fintechs, and even legacy banks are waking up to their utility:

• ✈️ Instant cross-border settlement
• 💵 Lower fees vs SWIFT or Visa
• 🧑‍💻 Financial tools for Gen Z and the unbanked

Minna Bank’s Web3 pivot shows that stablecoins are moving from fringe to foundation in global banking.

🌐 The global stablecoin race

Asia is on fire:

• 🇭🇰 Hong Kong launches its stablecoin licensing regime August 1
• 🇯🇵 Japan’s banks adopt Web3 rails
• 🇸🇬 🇦🇪 🇬🇧 Other hubs chase stablecoin frameworks
• 🇺🇸 U.S. remains slow on federal stablecoin law

As the dollar holds dominance by default, China and Japan are now actively building rivals — powered by regulated Web3 infrastructure.

⚡ TL;DR

🌍 JD.com and Ant Group urge Beijing to allow yuan-backed stablecoins from Hong Kong 💴 Strategy aims to challenge U.S. dollar dominance in global digital finance 🏦 Japan’s Minna Bank partners with Solana + Fireblocks for stablecoin payments 📈 Stablecoin market cap hits 250B+, drawing institutional momentum 🌐 Asia is leading the charge in regulated stablecoin innovation

China, Japan, and Hong Kong are drawing the new map of digital money — without waiting for the U.S. to catch up.