Ant Group denied claims on plans to develop rare earth-backed stablecoins
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China Rare Earth Group, Ant Group, and the People’s Bank of China (PBoC) have come forward to deny rumors that claim they plan to launch a joint effort to deploy a rare earth-backed RMB stablecoin. China Rare Earth Group and Ant Group issued statements refuting the claims that have been making the rounds on the Internet about such a project, tagging the information as fabricated and misleading. Over the weekend, the company revealed that several articles had painted a story that suggested the project was in development, which is, in fact, misleading. “Ant Group has never had such plans with relevant institutions. The public is advised to pay attention and beware of being deceived,” it shared on Weibo on Sunday. The denial has come amid a heightened interest from Chinese companies in stablecoin technology as other countries work on regulation that encourages innovation in that area. There is heightened interest from Chinese companies in stablecoin technology According to reports, this is still the early days for stablecoins in Chinese jurisdictions. For now, the scope is strictly restricted to international audiences rather than domestic ones. Last month, Chinese regulators urged brokerages to reduce publishing research and making public comments linked to stablecoins, citing concerns about how it was renewing domestic interest in cryptocurrencies. With crypto trading officially banned in China due to fears of financial regulation and economic stability, Chinese companies interested in crypto are now looking towards Hong Kong, where a stablecoin regime is forming. According to Edwin Cheung, CEO of Gate Dubai and a former executive at Gate HK, said: “A lot of e-commerce firms, they’re super energetic about the Hong Kong regime, adding that “they want to leverage on this regime, either to do their own stablecoin or use stablecoin technology or blockchain technology in their own payment…
Filed under: News - @ August 11, 2025 7:28 pm