Ant Group Denies Rare Earth-Backed Stablecoin Development Claims

Ant Group and China Rare Earth Group have categorically denied rumors circulating online about a collaborative project to develop rare earth-backed stablecoins. Both entities labeled the claims as fabricated and misleading, with ANT Group issuing a public warning on Weibo: "Ant Group has never had such plans with relevant institutions. The public is advised to pay attention and beware of being deceived."

The rebuttal comes amid growing interest in stablecoin technology among Chinese firms, despite regulatory restrictions domestically. Stablecoin initiatives in China remain tightly constrained, targeting international markets rather than local audiences. Last month, regulators instructed brokerages to curb research and commentary on stablecoins, reflecting concerns over renewed crypto speculation.

With mainland China's crypto trading ban still in place, companies are increasingly eyeing Hong Kong's emerging stablecoin regulatory framework as an alternative hub for digital asset innovation.