Quick Breakdown
- Beijing orders Ant Group and JD.com to pause Hong Kong stablecoin projects.
- Regulators reaffirm that only the state can issue currency.
- Move marks shift from financial innovation to sovereignty control.
Two of China’s biggest tech conglomerates Ant Group and JD.com — have reportedly paused their plans to issue stablecoins in Hong Kong, following direct instructions from Chinese regulators to halt such initiatives. The move underscores Beijing’s tightening stance on private digital currency issuance as it seeks to maintain state control over monetary systems.
Regulators tighten grip on private stablecoin ambitions
According to the Financial Times, officials from the People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) told several firms to suspend or abandon plans to issue or back stablecoins from Hong Kong. The directive effectively freezes Ant Group’s and JD.com’s involvement in Hong Kong’s new stablecoin pilot program, which began on August 1.
Both companies had expressed strong interest in the initiative earlier this year. Ant Group, which operates Alipay, had planned to apply for a license under the Hong Kong Monetary Authority’s (HKMA) regulatory framework. JD.com, on the other hand, was exploring a yuan-pegged stablecoin designed for offshore settlements. However, Beijing’s regulators have since emphasized that the power to issue currency must remain exclusively with the state — not private corporations.
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…
— Wu Blockchain (@WuBlockchain) October 19, 2025
Shift from expansion to control
Hong Kong’s stablecoin licensing framework, introduced in May, initially attracted optimism from mainland officials who viewed it as an opportunity to extend the renminbi’s global reach. Yuan-backed stablecoins issued from Hong Kong were seen as potential competitors to U.S. dollar-based tokens dominating the global market.
That enthusiasm has waned. According to FT by late August, former PBoC governor Zhou Xiaochuan called for restraint, warning that stablecoins could fuel speculation or fraud and questioning their real-world utility. Since then, Beijing’s tone has hardened, prioritizing financial stability and state sovereignty over market-driven innovation
Meanwhile, Ant Digital Technologies, the enterprise arm of Ant Group, continues expanding its blockchain use cases, recording energy data from 15 million renewable devices, including solar and wind installations, on AntChain, according to Bloomberg sources.
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