Two major Chinese technology companies, Ant Group and JD.com, reportedly paused plans to develop or issue stablecoins in Hong Kong after receiving guidance from mainland Chinese regulators. The development exposed the tension between Hong Kong’s push to build a regulated stablecoin market and Beijing’s concerns over privately issued digital currencies.
According to the Financial Times, officials from the People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) instructed companies to stop or reconsider stablecoin initiatives. Reuters subsequently reported that the companies had put their plans on hold following the regulatory intervention.
The development came shortly after Hong Kong’s Stablecoins Ordinance took effect on August 1, 2025, creating a licensing regime for fiat-referenced stablecoin issuers.
According to FT, Alibaba’s Ant Group and JD com have paused their plans to issue stablecoins in Hong Kong after receiving instructions from Chinese regulators, including the PBOC and CAC, to halt the projects. Hong Kong passed a Stablecoin Bill in May establishing a licensing regime for fiat-backed issuers, with both Ant and JD previously saying they would join the pilot.
https://t.co/7wmiZWqWcY— Wu Blockchain (@WuBlockchain) October 19, 2025
Beijing’s concerns extend beyond stablecoins
Ant Group and JD.com had shown interest in Hong Kong’s new framework. Ant Group had explored applying for a stablecoin issuer licence, while JD.com had considered a yuan-linked stablecoin for cross-border settlement.
The mainland intervention demonstrated that Hong Kong’s regulatory opening does not mean stablecoin businesses can operate independently of Chinese monetary policy. The PBoC and other authorities have remained concerned about risks associated with privately issued digital money, including financial stability, speculation, fraud, and the potential effect on state control over currency.
At the same time, Hong Kong’s own regulators have taken a more structured approach. The Hong Kong Monetary Authority (HKMA) describes stablecoins as potentially useful settlement assets while acknowledging risks involving financial stability, money laundering, and consumer protection. The Stablecoins Ordinance therefore established licensing requirements rather than banning the activity.
The HKMA also warned in August 2025 that expressions of interest, applications, and discussions with prospective issuers should not be interpreted as regulatory approval. The authority said it expected to grant only a handful of licences initially.
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Hong Kong’s stablecoin market moved forward despite the pause
The regulatory outlook has since become clearer. In April 2026, the HKMA granted its first two stablecoin issuer licences after receiving 36 applications during the initial application period. The government said future licensing would depend on factors including regulatory compliance, market demand, practical use cases, and the performance of the first licensed issuers.
This means the Ant Group and JD.com development did not end Hong Kong’s stablecoin initiative. Instead, it exposed the different priorities operating within China’s digital-asset policy. Hong Kong is building a controlled framework for private stablecoin activity, while mainland authorities continue to emphasize monetary stability and state oversight.
Meanwhile, Ant Digital Technologies continues to develop blockchain applications outside stablecoin issuance. The company is expanding AntChain’s use in areas including renewable-energy infrastructure.
The key question now is how far Hong Kong’s licensed stablecoin market can develop while remaining aligned with Beijing’s approach to private digital money.
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