{ "id": 52085, "date": "2025-10-19T19:06:34", "date_gmt": "2025-10-19T12:06:34", "guid": { "rendered": "https:\/\/hbbgroup.net\/chinese-tech-giants-halt-hong-kong-stablecoin-plans-amid-beijing-concerns-ft\/" }, "modified": "2025-10-19T19:06:34", "modified_gmt": "2025-10-19T12:06:34", "slug": "chinese-tech-giants-halt-hong-kong-stablecoin-plans-amid-beijing-concerns-ft", "status": "publish", "type": "post", "link": "https:\/\/hbbgroup.net\/en_us\/chinese-tech-giants-halt-hong-kong-stablecoin-plans-amid-beijing-concerns-ft\/", "title": { "rendered": "Chinese tech giants halt Hong Kong stablecoin plans amid Beijing concerns: FT" }, "content": { "rendered": "
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Ant Group and JD.com have paused their stablecoin initiatives in Hong Kong after Beijing regulators raised concerns over private firms issuing digital currencies. <\/p>\n

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Chinese technology giants, including Ant Group and JD.com, have reportedly suspended plans to issue stablecoins in Hong Kong after regulators in Beijing voiced concerns over privately controlled digital currencies.<\/p>\n

The companies were instructed by the People\u2019s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) to pause these initiatives, the Financial Times reported<\/a> on Sunday, citing sources familiar with the matter.<\/p>\n

\u201cThe real regulatory concern is, who has the ultimate right of coinage \u2014 the central bank or any private companies on the market?\u201d one source familiar with the discussions told the FT. <\/p>\n

Both companies had expressed interest earlier this year<\/a> in joining Hong Kong\u2019s pilot stablecoin program or launching tokenized financial products such as digital bonds. <\/p>\n

Related: <\/strong><\/em>Trump confirms US is in a trade war with China<\/strong><\/em><\/a><\/p>\n

Hong Kong\u2019s stablecoin push hits a snag <\/h2>\n

Hong Kong began accepting applications for stablecoin issuers<\/a> in August. Mainland officials had initially viewed the program as an opportunity to promote renminbi-pegged stablecoins and expand the yuan\u2019s international footprint.<\/p>\n

However, the momentum soon slowed down as Ye Zhiheng, executive director of the intermediaries division at the Hong Kong Securities and Futures Commission (SFC), warned that the city\u2019s new<\/a> stablecoin regulatory framework has heightened the risk of fraud. <\/p>\n

People’s Bank of China Headquarter, Beijing. Source: <\/em>Wikimedia<\/em><\/a><\/figcaption><\/figure>\n

Ye\u2019s remarks followed stablecoin companies operating in Hong Kong\u00a0posting double-digit losses on Aug. 1<\/a>, just after the new stablecoin regulation came into force. <\/p>\n

Last month, Chinese financial outlet Caixin reported that Beijing had restricted Hong Kong\u2019s stablecoin activity. However, the report was removed shortly<\/a> after publication, casting doubt on its claims. <\/p>\n

Related: <\/strong><\/em>US and China soften trade rhetoric, giving analysts hope of market rebound<\/strong><\/em><\/a><\/p>\n

China U-turns on Hong Kong tokenization push <\/h2>\n

Last month, China\u2019s securities watchdog also reportedly instructed<\/a> several local brokerages to pause their real-world asset (RWA)<\/a> tokenization activities in Hong Kong, signaling Beijing\u2019s growing unease with the rapid expansion of offshore digital asset ventures. <\/p>\n