Ant Group Denies PBoC Partnership for Rare Earth-Backed Stablecoin as USDC Integration Plans Advance

Ant Group has categorically denied rumors of developing a rare earth-backed RMB stablecoin in partnership with the People’s Bank of China. The fintech giant issued a statement on Weibo, cautioning the public against misleading reports and confirming it has no such plans with any regulatory body.

Chinese firms remain constrained by domestic crypto bans but continue exploring stablecoin applications for overseas markets. Regulatory scrutiny has intensified, with authorities recently directing brokerages to limit stablecoin research to prevent reigniting local crypto speculation.

Despite the restrictions, Ant Group persists in blockchain innovation, including plans to integrate Circle’s USDC stablecoin upon achieving full compliance. The development underscores China’s paradoxical stance—harsh on domestic crypto activity while nurturing blockchain infrastructure for international use.