Ant Group, JD.com Halt Stablecoin Projects After Beijing Warning

China's tech giants ANT Group and JD.com have suspended their stablecoin initiatives following direct intervention from Beijing. Both companies were preparing to participate in Hong Kong's pilot stablecoin program, which included plans to issue asset-backed digital tokens and tokenized bonds. The halt came after mainland regulators, including the People's Bank of China (PBoC) and the Cyberspace Administration of China (CAC), issued clear instructions to stand down.

The PBoC expressed concerns over private companies issuing currency-like products, emphasizing the central bank's exclusive right to coinage. This MOVE underscores broader anxieties that privately managed stablecoins could undermine China's digital yuan (e-CNY) project, a cornerstone of the nation's strategy to modernize payment infrastructure and tighten control over digital money.

The regulatory crackdown reflects a global trend of caution toward stablecoins, as governments worldwide grapple with balancing innovation and financial sovereignty. China's stance highlights the tension between private sector experimentation and state-backed digital currency ambitions.