Beijing Halts Chinese Tech Giants’ Stablecoin Plans in Hong Kong

China’s regulatory arm has abruptly halted plans for major tech companies in Hong Kong to issue stablecoins, signaling a move aimed at curbing competition with the government-backed digital yuan. The People’s Bank of China and Cyberspace Administration issued directives that have paused issuance by prominent firms like Ant Group and JD.com, effectively halting potential projects worth billions of dollars and impacting Hong Kong’s financial ecosystem.