Alipay Denies Crypto Trading Support After Peer Launches USDC Payment Feature

Alipay denied authorizing cryptocurrency trading through third-party platforms on October 28, calling the claims false and unauthorized. The statement followed Peer’s beta launch of a feature for buying and selling USDC using Chinese yuan payments through Alipay. A new USDC trading feature has put China’s payments giant Alipay in an awkward position. Peer, a decentralized crypto trading platform, says users can buy and sell the stablecoin using Chinese yuan payments, but Alipay has denied supporting crypto transactions. The disagreement raises questions about how the feature works without the payment giant’s approval.