China Blocks Major Tech Giants from Hong Kong Stablecoin Plans

Chinese regulators, specifically the People's Bank of China (PBoC) and the Cyberspace Administration of China (CAC), have instructed major tech giants Ant Group and JD.com to immediately stop their plans to launch stablecoins in Hong Kong. This move directly contradicts the companies' prior public commitments to participate in Hong Kong's new stablecoin licensing program, which began in August 2025. The primary regulatory concern cited is maintaining the central bank's ultimate right of coinage over private entities. This intervention severely impacts Hong Kong's goal of becoming a global digital finance hub, as it signals that mainland policy priorities will dictate digital asset development in the region. Beijing's actions are driven by fears that private stablecoins could undermine the state-backed digital yuan (e-CNY), facilitate capital flight bypassing strict controls, and challenge the dominance of the US dollar in global payments.

(Source：Brave New Coin)