China Halts Ant Group and JD.com’s Hong Kong Stablecoin Projects Amid Regulatory Concerns
Beijing has intervened to stop two of China's largest tech firms from developing stablecoin projects in Hong Kong. ANT Group and JD.com received direct orders from the People's Bank of China and Cyberspace Administration, underscoring the state's determination to maintain exclusive control over currency issuance.
The regulatory clampdown comes as Hong Kong implemented a new licensing regime for stablecoins in August 2025. Both companies had been preparing applications under this framework before Beijing's intervention. Officials view private stablecoins as potential threats to the digital yuan's dominance and broader monetary policy control.
Parallel restrictions have emerged in related sectors. The China Securities Regulatory Commission has instructed brokerages to pause tokenization initiatives in Hong Kong, signaling a coordinated effort to contain financial innovation beyond mainland borders.
