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China’s Ant, JD.com Halt Hong Kong Stablecoin Plans Amid Beijing’s Regulatory Warning

China’s Ant, JD.com Halt Hong Kong Stablecoin Plans Amid Beijing’s Regulatory Warning

Author:

Global Cryptocurrency

Published:

2025-10-20 04:24:02

15

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BTCCSquare news:

Ant Group and JD.com, two of China's tech giants, have suspended their ambitions to issue stablecoins in Hong Kong following explicit warnings from Beijing. The companies had previously shown interest in Hong Kong's pilot program for fiat-backed tokens, with ANT even announcing plans to apply for a stablecoin license once the regulatory framework took effect in August.

The People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) intervened, instructing the firms to pause or abandon their stablecoin initiatives. Regulatory concerns center on private-sector currency issuance undermining the central bank's monetary authority. Hong Kong's Stablecoin Bill, passed in May, now faces headwinds as mainland resistance stiffens.

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