Chinese tech giants halt Hong Kong stablecoin plans amid Beijing concerns: FT

Chinese technology giants, including Ant Group and JD.com, have reportedly suspended their stablecoin initiatives in Hong Kong following objections from Beijing regulators, specifically the People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC). The core regulatory concern cited was determining whether the central bank or private companies should hold the ultimate right of coinage. This pause affects plans by these firms to join Hong Kong’s pilot stablecoin program or launch tokenized financial products. Hong Kong began accepting stablecoin issuer applications in August, initially hoping to promote renminbi-pegged stablecoins, but momentum has slowed amid fraud risk warnings and recent reports suggesting Beijing restricted these activities, signaling unease with the expansion of offshore digital asset ventures.

(Source：Cointelegraph)