China’s JD.com, known as China’s Amazon, and Ant Group, an affiliate of Alibaba Group, are urging the central bank to approve yuan-based stablecoins to counter the dominance of U.S. dollar-linked digi...

China’s JD.com, known as China’s Amazon, and Ant Group, an affiliate of Alibaba Group, are urging the central bank to approve yuan-based stablecoins to counter the dominance of U.S. dollar-linked digital currencies, according to CoinDesk, citing Reuters.

The companies have proposed issuing offshore yuan-backed stablecoins in Hong Kong to help raise the Chinese currency’s global profile. They also plan to launch Hong Kong dollar-pegged stablecoins when new local regulations take effect on Aug. 1.

JD.com, Ant Group urge central bank to approve yuan-backed stablecoins

In Washington, seemingly unrelated events often intertwine at a deeper level, outlining a grand strategic landscape. In early July, while public attention was focused on the "Independence Day gift" for President Trump—a massive fiscal bill dubbed the "One Big Beautiful Bill" (OBBB)—another quieter but equally profound revolution was quietly brewing on Capitol Hill: a series of legislative proposals targeting digital assets were being placed on the agenda at an unprecedented pace.
These two seemingly parallel tracks—one radical...

The Big and Beautiful Act passed, and the printing presses roared: Crypto assets’ “American moment” is coming

FTX's bankruptcy proceedings have stirred up new waves. On the 4th, creditor representative <Sunli> revealed that investors from 49 restricted jurisdictions might be excluded from compensation lists due to local regulations, with the majority of creditor value originating from China.

Restricted Countries Face Potential Disenfranchisement

<Sunli> stated:
In the 49 jurisdictions, 5% of claims belong to "restricted countries", with up to 82% of creditor value coming from China.

The reasons stem from local legal provisions:
1. Cryptocurrency trading is not permitted
2. Domestic cryptocurrency distributors are not allowed.

Because...

FTX liquidation leads to legal dispute, Chinese users may lose compensation eligibility?

Selling FTX debt rights through third-party platforms has become the main way for Chinese users to recover funds.