JD.com and Ant Group push for yuan-pegged stablecoins to challenge dollar’s digi

[_act_]

This is the title in full: JD.com and Ant Group push for yuan-pegged stablecoins to challenge dollar’s digital dominance

Not arguably but the fact that USDT, USDC and other US stable coins have dominated the crypto market if we are talking about stable coins.

I think they think their digital yuan can not challenge dollar or maybe they think they should attack USD in all directions. But who wants to use digital yuan? I can not use it. They are only deceiving themselves. Or am I wrong?

[Fortify]

For all it's faults, the American legal framework is just so much more reliable and trusted for business. China is simply not trusted in the business world due to its system of government and lack of transparency. If you are going to transact and store vast amounts of money, you need to have faith in the country that is even indirectly linked to the currency - in this case the Yuan, but outside of China it simply doesn't have enough trust. This has partly been due to Chinese economic policy which has restricted the flow of the regular Yuan in the past.

American politics look crazy right now, but at least judges and certain institutions (e.g. the central bank) have been able to stay independent of the influence from the current president. There will be a certain amount of demand for it and that might grow over time, but it seems like to dollar will stay the reserve currency in all its forms for a while longer.

[Die_empty]

This is the title in full: JD.com and Ant Group push for yuan-pegged stablecoins to challenge dollar’s digital dominance

Not arguably but the fact that USDT, USDC and other US stable coins have dominated the crypto market if we are talking about stable coins.

I think they think their digital yuan can not challenge dollar or maybe they think they should attack USD in all directions. But who wants to use digital yuan? I can not use it. They are only deceiving themselves. Or am I wrong?

The countries that will be attracted to the digital yuan might be those that are under Western sanctions. The digital yuan will enable them to engage in financial transactions without any form of restrictions from the West. China also has influence on many countries, so these nations might be influenced to adopt this new version of the Chinese currency.  China, as the second biggest economy, has several trading partners that will benefit from this move. Instead of paying high transactions for using the dollar version of digital currency, the Chinese version will be better.

This move is not a waste of time.  China is simply developing alternatives to the dollar dominated financial system. This is another move to compete favourably with the US.

[tsaroz]

https://cointelegraph.com/news/jd-com-ant-yuan-stablecoins-challenge-dollar-dominance

JD and Ant (Alibaba, Aliexpress) are the largest retailers and wholsale in China and trade around the world. moving to stable coin would allow them to trade with yuan more efficiently and easily. The 2nd party would to be willing to take in give payments in yuan as it would be easier to convert them in and out of yuan stablecoin. If traded freely, they could convert the digital yuan to any coin or stablecoin they want which would make the trade more easier.
China wants to be the trade house of the world and this might have came from direct approval of the government as there's nothing large is done by private companies before approval.

[Cryptohygenic]

This is the title in full: JD.com and Ant Group push for yuan-pegged stablecoins to challenge dollar’s digital dominance

Not arguably but the fact that USDT, USDC and other US stable coins have dominated the crypto market if we are talking about stable coins.

I think they think their digital yuan can not challenge dollar or maybe they think they should attack USD in all directions. But who wants to use digital yuan? I can not use it. They are only deceiving themselves. Or am I wrong?

The countries that will be attracted to the digital yuan might be those that are under Western sanctions. The digital yuan will enable them to engage in financial transactions without any form of restrictions from the West. China also has influence on many countries, so these nations might be influenced to adopt this new version of the Chinese currency.  China, as the second biggest economy, has several trading partners that will benefit from this move. Instead of paying high transactions for using the dollar version of digital currency, the Chinese version will be better.

This move is not a waste of time.  China is simply developing alternatives to the dollar dominated financial system. This is another move to compete favourably with the US.

This is going to depend on the use case of the yuan operations in the stable coin. China has not been lagging neither a dormant  economic country to start with but also a notable and influential in the global economy.
The yuan might literally not be a strong contender with the USD but could stare a worry to the USDT because the Chinese has also focused on global partnership with other countries geopolitically, economically and intercontinentally. 
It all just depends on the use case where the yuan will be tailored in the digital transaction space.

[AmoreJaz]

https://cointelegraph.com/news/jd-com-ant-yuan-stablecoins-challenge-dollar-dominance

JD and Ant (Alibaba, Aliexpress) are the largest retailers and wholsale in China and trade around the world. moving to stable coin would allow them to trade with yuan more efficiently and easily. The 2nd party would to be willing to take in give payments in yuan as it would be easier to convert them in and out of yuan stablecoin. If traded freely, they could convert the digital yuan to any coin or stablecoin they want which would make the trade more easier.
China wants to be the trade house of the world and this might have came from direct approval of the government as there's nothing large is done by private companies before approval.

In this market, anyone is free to launch their stable coin. However, it is how they execute it as it would need good amount of yuan backing that yuan-pegged stablecoin. These days, it is no surprise if they can easily launch such undertaking. It is also good for traders and other stakeholders as they will have other options if they won't deal with USD-pegged stablecoins. Of course, it will be very useful for traders who are already dealing with yuan. So they are free to launch such stablecoin. Just thinking that China was not very amenable with crypto years back. And now, they are coming in again in this market.

[Darker45]

I can use it for trading for as long as it's stable. After all, it's mainly stability that's the reason why USDT and USDC together have the highest trading volume. But why would I? The need for a stable cryptocurrency is already sufficiently addressed by both coins. What's a yuan-pegged stablecoin for?

Perhaps if they introduce a yuan-pegged stablecoin together with a number of use-cases, it might become popular. For one, Alibaba and Aliexpress are quite known. If they add it as a payment option, it will certainly help its adoption. They might also consider it admitted in various online gambling sites, exchanges, booking sites, E-commerce platforms, and others. China alone is already a huge market.

If they can make it the cheapest stablecoin to move around, many might be interested.

[joniboini]

If you can't use it, maybe you're not their target audience to begin with? I don't buy stuff from China regularly, but I do buy stuff from Japan quite often. If there's an option to pay with Yen stablecoin, I'd be more than happy to try it, because it would be faster and probably cheaper unless I'm using a third-party to convert my fiat into Yen stablecoin. Maybe that's where the market is. As long as they can penetrate the market and reduce the reliance on dollars, I think it'd be good for the competition.

[asriloni]

China seems never learned from what happened in the past. They're always a few step behind US.

US accepts Bitcoin, but they banned it. US focused on stable tokens, they also followed just after US stable token have gigantic mcap.

Yuan stable token will never work as people mostly used USD stable tokens. Even chinese residents are trading everyday in Binance use US stable tokens.

That picture also confirms how big US stable token atm. Impossible to be threatened by Yuan stable token.

[JeffBrad12]

Agreed with most of people, yuan stablecoin will not be as famous as they anticipated, even Euro is falling behind significantly in stablecoin market cap compared to USD stablecoin like EURC to USDC.
When it come to stablecoin all that matters are trust and reliability, unfortunately I can only see bad sentiment with yuan stablecoin after they banned bitcoin.

[viljy]

Now we can only make assumptions that may turn out to be completely wrong. It is difficult to guess what place this stablecoin, pegged to the yuan, will take in financial calculations. Maybe it will be more significant than a dollar; maybe it will be equal. The development of events depends more on the dollar than on the yuan, as the dollar is losing its dominance both in international settlements and in foreign exchange reserves.

[o48o]

-cut-
t who wants to use digital yuan? I can not use it. They are only deceiving themselves. Or am I wrong?

People who use CNH. Why would other people base their use cases on what you are using?

Also how is digital version of yuan is in any way an attack against usd stablecoins? Tether already had CNHt, while they have also issued EURt, MXNt and XAUt as well and i never heard them being threat to usdt. Or is it somehow different when some other company is launching their own stablecoins?

Also how USD itself would be affected here?

[_act_]

People who use CNH. Why would other people base their use cases on what you are using?

Also how is digital version of yuan is in any way an attack against usd stablecoins? Tether already had CNHt, while they have also issued EURt, MXNt and XAUt as well and i never heard them being threat to usdt. Or is it somehow different when some other company is launching their own stablecoins?

Also how USD itself would be affected here?

I am sure USD and stable coins will not be affected, I added that to the first OP post on this thread. But this is the first time I am hearing about Chinese Yuan stable coin. No stable coin can be like dollar pegged stable coin because most people are going for dollar pegged stable coin. I agree with that.