Chinese tech giants have abruptly paused their stablecoin initiatives in Hong Kong.
The Financial Times reports that Ant Group and JD.com were instructed by regulators in Beijing not to proceed, effectively stalling their participation in Hong Kong’s newly launched licensing program.
While Hong Kong passed its stablecoin bill in May to provide clarity and attract players like Ant and JD, the overriding concern from the PBOC about private companies issuing currency has taken precedence, putting these high-profile pilot programs on ice.
