Ant Group and JD.com Halt Hong Kong Stablecoin Plans: China Tightens Grip on Digital Currency

China’s regulatory intervention in Hong Kong highlights a deep conflict between private financial innovation and state control over the digital currency landscape. Ant Group and JD.com’s plans to launch stablecoins in the city have been put on hold, illustrating Beijing’s determination to safeguard monetary sovereignty. 19th October saw reports of a behind-the-scenes shift as these companies paused their ventures. This pause exposes the tension between private development and state power in China’s digital finance ecosystem.