From Hong Kong to Tokyo: New Stablecoins Aim to Dethrone Dollar in Web3 Finance

*� 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 stablecoins 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 and digital payments across Asia, Africa, and beyond.

🚫 China’s Ban + Digital Yuan Strategy Since 2021, China has:

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

But offshore stablecoins would serve a different purpose:

• 🌐 Act as a bridge currency for global trade
• 📲 Enable low-friction digital payments
• 🛠️ Complement, not compete with, state-run CBDC

This strategy lets China flex its monetary power abroad, while keeping tight control at home.

🏦 Japan’s Minna Bank Brings Solana to TradFi Meanwhile in Japan, digital-native Minna Bank just partnered with:

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

The mission? Test stablecoins and Web3 wallets for traditional finance.

Use cases include:

• 📱 Mobile payments
• 🏦 On-chain banking
• 👛 Consumer-friendly blockchain wallets

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

📊 Why This Matters Now The stablecoin market cap just surpassed 250B, drawing intense interest from:

• 🏛️ Governments
• 🏦 Banks
• 💼 Fintech players

💡 Japan’s Minna Bank sees stablecoins as key to:

• ✈️ Faster cross-border settlements
• 💵 Lower transaction costs
• 🧑‍💻 Reaching Gen Z and Millennials (ages 15–39) — underserved by legacy banks

It’s a signal: Web3 finance is becoming a core banking strategy, not a fringe experiment.

🌐 The Global Stablecoin Race With China and Japan stepping up:

• 🇭🇰 Hong Kong enables stablecoin licensing from August 1
• 🇯🇵 Japan’s banks adopt Web3 rails
• 🇸🇬 🇦🇪 🇬🇧 Competing jurisdictions also pushing regulated stablecoin frameworks

As the U.S. lags on federal stablecoin rules, Asia is redefining digital currency leadership — with or without Washington.

⚡ 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

From Beijing to Tokyo, the message is clear: Digital money is no longer a U.S.-only game.