Alibaba-backed Ant Group and JD.com freeze stablecoin plans after Beijing intervenes: FT
Crypto Briefing
Ant Group and JD.com halted their yuan-based stablecoin projects following direct intervention from Beijing regulators.Summary
Alibaba's Ant Group and JD.com have suspended their stablecoin development projects after receiving direct instructions from Beijing, as reported by the Financial Times. These initiatives involved creating yuan-based digital assets by major Chinese technology firms. The intervention reflects Beijing's growing concern over private sector involvement in digital currency issuance and its determination to maintain strict state control over monetary innovation, aligning with broader efforts to counter foreign digital currency dominance.
(Source：Crypto Briefing)