Concerns Mount as Ant Group and JD.com Halt Plans to Launch Stablecoins in Hong Kong

Chinese tech giants Ant Group and JD.com have announced a pause in their plans to issue stablecoins in Hong Kong amid increasing regulatory scrutiny and warnings from Chinese authorities. The decision comes in response to concerns raised by Beijing regarding privately controlled currencies and their potential impact on the financial ecosystem. Former Vice Minister of Finance Zhu Guangyao had previously shown enthusiasm for renminbi-denominated stablecoins, positioning them as a strategic response to the dominance of the U.S. dollar. However, following advisories from the People’s Bank of China and the Cyberspace Administration of China, Ant Group and JD.com have opted to…