SS #11 - China Tech Giants Push For CNY Stablecoin

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Good Morning.

Welcome to our 11th edition of the StableScope. A new 2x a week, stablecoin-focused newsletter from Launchy. Given the growth of the vertical, there's an increasing demand for more recurring reporting and curation on stablecoins.

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In Today's Edition:

• Headline: China Tech Giants Yuan Stablecoin Push

• Quick Bites: Hong Kong Eyes Stablecoin Licenses This Year

• Yield of the Week: 10% APY on Mizu

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HEADLINE

Chinese Tech Giants Urge Central Bank to Approve Offshore Yuan Stablecoins

State of play: JD and Ant Group are lobbying China’s central bank to approve offshore, yuan-based stablecoins in Hong Kong.

• JD and Ant Group are pushing the PBOC to allow yuan-pegged stablecoins in Hong Kong, aiming to boost the yuan’s international use.

• Hong Kong’s new stablecoin licensing regime launches August 1, positioning the city as a hub for regulated digital assets.

• The move comes as the U.S. advances its own stablecoin regulations, intensifying the global race for digital currency leadership.

What’s Next: Expect more Chinese firms to seek stablecoin licenses in Hong Kong, and for the PBOC to weigh the benefits of offshore yuan stablecoins as it looks to expand the currency’s global reach.

Why it Matters: Yuan-based stablecoins could accelerate the internationalization of China’s currency and challenge the dominance of dollar-backed stablecoins, reshaping global payment flows and digital asset markets.

Our Take: If approved, offshore yuan stablecoins could give China a strategic edge in the digital currency race. Hong Kong’s regulatory clarity offers opportunities for compliant innovation, but firms must navigate evolving cross-border rules and geopolitical risks.

QUICK BITES

• Ondo Finance acquires Oasis Pro.

• Hong Kong eyes stablecoin licenses this year.

• Dubai approves tokenized money market fund.

• Circle's USDC sees 'remarkable' 29-fold YoY growth.

• Bank of Canada identifies technical path for retail CBDC.

• Ondo and Pantera plan $250M investment in RWA projects.

• XRP breaks above $2.28 as Ripple applies for a bank charter.

• Plume brings real-world yield to TRON’s payment ecosystem.

• Shenzhen Authorities warn against stablecoin investment scams.

• Crypto stocks soar in Hong Kong as stablecoin momentum builds.

YIELD OF THE WEEK

Mizu’s HyperUSD Vault: 10% APY

• HyperUSD vault optimizes liquidity deployment within Hyperliquid DeFi, enabling users to earn exclusive rewards from top asset issuers and native protocols.

• Users can deposit USDT, USDC, and USR, with withdrawals typically processed within three days due to maturity and settlement procedures.

• Users can earn 30x Resolv points for each USR allocated, along with additional points from various protocols, which will distribute 1-2% of their token supply exclusively to the vaults.

Euler SDAI / RLUSD on Euler Yield: 11.18% - 56.37% in SDAI

• Euler enables leveraging SDAI as collateral, borrowing RLUSD up to 11.09x to maximize yield.

• With a max LTV of 91%, the liquidity in this pool is up to $26.58M.

• sDAI is a yield-bearing token in the MakerDAO ecosystem that represents DAI deposited in the DAI Savings Rate (DSR).

Euler SDAI / USDC on Euler Yield: 11.18% - 48.39% in USDT

• Euler enables leveraging SDAI as collateral, borrowing USDC up to 11.09x to maximize yield.

• With a max LTV of 91%, the liquidity in this pool is up to $19.33M.

• sDAI is a yield-bearing token in the MakerDAO ecosystem that represents DAI deposited in the DAI Savings Rate (DSR).

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.