Stablecoin News: Alibaba-backed Ant, JD Pause Hong Kong Stablecoin Pilots
China’s tech giants, Ant Group and JD.com, pause plans for Hong Kong stablecoin pilots following direct intervention from central Beijing regulators.
Alibaba-backed Ant Group and JD.com have officially halted their plans now. They paused all stablecoin issuance in Hong Kong effectively. This abrupt move is at the direct instruction of central Chinese regulators now. Furthermore, this stop reflects increasing official caution from Beijing presently. It is particularly about digital assets, which are not directly controlled by the state’s active hands.
China’s Intervention Halts Hong Kong’s Stablecoin Pilot Program
The regulators involved are the influential People’s Bank of China (PBOC) now. In addition, the powerful Cyberspace Administration of China (CAC) issued the instructions immediately. Therefore, these two technology giants were instructed to put their stablecoin projects on hold now. This unforeseen order is a major blow to Hong Kong’s fintech aspirations at this point. Previously, Hong Kong’s legislature passed a comprehensive Stablecoin Bill in May.
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Specifically, this bill created a clear licensing regime in no time. This regime came down on all fiat-backed issuers now. As a result, it created important regulatory clarity for active participants. Thus, the city wanted to successfully position itself as a regional crypto hub. Both Ant Group and JD.com had had an early interest publicly. Therefore, they both previously stated that they would join the pilot program now.
However, the latest orders from Beijing make this much more difficult. This lull follows just months after the new licensing regime started stirring with activity. Moreover, this delay undercuts Hong Kong’s efforts now. According to the report, PBOC officials recommended against participation as soon as possible. This was the case for the first roll out of stablecoins now.
They had included brokerages in this blanket caution now as well. As a result, the central bank tries to keep a tight control on the currency issue effectively. Neither Ant Group nor JD.com had official comment now. As an extra point, we must add that this silence adds uncertainty to the projects that are being worked on today.
Regulatory Caution Underpins Stablecoin Licensing Requirements
Therefore, this implies that there has been a tightening official grip over the entire crypto space doing now actively. Stablecoins are an important form of cryptocurrency at this point. Specifically, they are intended to keep a constant value all the time. They are typically pegged to a fiat currency such as the U.S. dollar at present. Consequently, they are used by crypto traders to easily move funds from one token to another. For that reason, stablecoins are necessary for the liquidity of the wider crypto market at this point.
Under Hong Kong’s new regime, licensing is strict now. Therefore, any person that issues stablecoins will need to get a license urgently. This is required from Hong Kong Monetary Authority (HKMA) now. This rule applies even if the stablecoins are now backed with Hong Kong dollars. Furthermore, this requirement is an effective one both within and beyond the city. Ant Group earlier confirmed the participation in the pilot program.
Specifically, this confirmation came now in June. JD.com also said that it intends to participate then. However, the sudden intervention from Beijing overrules these local intentions. Therefore, this is an event that brings out the geopolitical tension now involved. Thus, central control is clearly superseding regional ambition at this time. Ultimately, this lull reflects the increased official caution at this point.
Moreover, the regulators are wary of the digital assets that are not under state control now. This position greatly contradicts Hong Kong’s efforts to welcome crypto with open arms. In conclusion, the directive is a big challenge at present. It is a good test of the autonomy of Hong Kong in financial regulation.
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Filed under: Bitcoin - @ October 19, 2025 11:15 am