Chinese tech giants push for yuan stablecoins to challenge USD hegemony 🪙🇨🇳; Robinhood's OpenAI tokens aren't actually OpenAI stock 🤷♂️💰; Coinbase doubles down on token infra w Liquifi M&A 😤💸
FinTech is Eating the World, 4 July
Hey Everyone,
Good morning & happy Friday! This was probably one of the most interesting weeks in FinTech this year so far, and the good thing is that it’s not over yet 😎 Today we’re looking into Chinese tech giants Ant & JD and their aggressive push for yuan stablecoins to challenge dollar hegemony (what it’s all about, why it matters & what to expect next + bonus list of ultimate resources on stables); Robinhood's OpenAI tokens that aren't actually OpenAI stock (what you're really buying here, the untold risks & why this matters for FinTech as such + bonus deep dive into Robinhood), and Coinbase, which is now doubling down on token infrastructure with Liquifi acquisition (what’s the rationale here & what role this M&A has in Coinbase’ strategy + bonus deep dive into the digital asset giant). Let’s jump straight into the fascinating stuff 🌶️
Chinese tech giants push for yuan stablecoins to challenge dollar hegemony 🪙🇨🇳
The news 🗞️ Two of China's largest technology companies are currently spearheading an unprecedented effort to introduce yuan-denominated stablecoins, marking a potential paradigm shift in both China's cryptocurrency stance and global digital finance.
JD.com and Ant Group, Alibaba's financial technology affiliate, are actively lobbying the People's Bank of China to authorize the launch of yuan-pegged stablecoins in Hong Kong, representing a calculated response to growing US dollar dominance in the digital currency ecosystem.
Let’s take a look at this, understand why it matters, and what to expect next.