Beijing Pulls the Plug: Ant and JD Halt Hong Kong Stablecoins
China's regulatory crackdown on private stablecoins underscores its commitment to monetary sovereignty, with Ant Group and JD.com suspending their Hong Kong-based projects. The MOVE aligns with Beijing's broader strategy to promote the state-backed digital yuan (e-CNY) and restrict competition from private digital currencies.
Hong Kong's ambitions as a Web3 hub face headwinds as mainland authorities tighten control over financial innovation. The China Securities Regulatory Commission (CSRC) has reportedly halted select RWA tokenization initiatives, signaling a widening regulatory net beyond stablecoins.
The digital yuan remains central to China's financial technology agenda, with hundreds of millions of users already participating in pilot programs. This development highlights the tension between innovation and state control in China's evolving digital asset landscape.
