AsianFin -- JD.com and Ant Group, the fintech affiliate of Alibaba, are pressing China’s central bank to approve stablecoins pegged to the offshore yuan, aiming to challenge the growing dominance of U.S. dollar-linked cryptocurrencies, according to people familiar with the matter.

The two tech giants are proposing that China authorize the issuance of Hong Kong-based stablecoins tied to the offshore yuan. The goal: promote international use of the Chinese currency and push back against the digital rise of the dollar, the sources said.