Tech companies from China have reportedly paused their plans to launch stablecoins in Hong Kong following directives from mainland regulators. These are said to include Ant Group and JD.com, Reuters reported, citing the Financial Times (FT).
According to FT sources, companies have received instructions from Chinese regulators like the People’s Bank of China (PBOC) and the Cyberspace Administration of China (CAC) to halt their plans.
The decision comes months after Hong Kong’s legislature passed a landmark bill, the Stablecoins Ordinance, establishing a licensing framework for fiat-referenced stablecoin issuers there.
Under the new framework, any entity issuing stablecoins in Hong Kong, or those backed by the Hong Kong dollar, even if issued elsewhere, must first obtain approval from the Hong Kong Monetary Authority (HKMA).
Ant Group had previously announced its participation in Hong Kong’s pilot stablecoin programme and JD.com was also expected to take part, the report said.
However, PBOC officials reportedly raised concerns about allowing private tech companies and brokerages to issue any form of currency, advising to stay out of the initial rollout.
Reuters was unable to independently verify the FT report. Ant Group, JD.com, the PBOC, and the CAC did not respond to requests for comment. The HKMA, meanwhile, also shared that it does not comment on market rumours such as the China stablecoins pause.
Stablecoins are cryptocurrencies designed to maintain a fixed value, typically pegged to fiat currencies like the U.S. dollar, and are widely used to facilitate trading within the digital asset market.
HKMA is expected to issue the first stablecoin licenses in 2026.
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