Beijing moves to stop Chinese tech giants from issuing stablecoins in Hong Kong: FT

Beijing has intervened to halt the stablecoin issuance plans of major Chinese technology firms, including Ant Group (an Alibaba affiliate) and JD.com, in Hong Kong. These companies had previously sought approval from the People's Bank of China (PBoC) for yuan-pegged stablecoins just before Hong Kong's new licensing regime took effect. However, regulators from the PBoC and the Cyberspace Administration of China instructed them not to proceed. Sources indicate PBoC officials are concerned about private entities issuing any form of currency, viewing privately run stablecoins as a potential threat to the adoption of China's central bank digital currency, the e-CNY. This move follows earlier regulatory actions in August where Chinese regulators advised Hong Kong brokerages to pause real-world asset tokenization efforts and stop endorsing stablecoins in research.

(Source：The Block)