China Halts Stablecoin Plans for Ant Group and JD.com in Hong Kong

China’s regulatory crackdown on private stablecoin issuance in Hong Kong has dealt a blow to the ambitious plans of tech giants like Ant Group and JD.com. The companies have paused their efforts to launch stablecoins in Hong Kong after facing pressure from China’s central bank and cyberspace administration, citing concerns about monetary sovereignty and competition with the country’s e-CNY digital yuan project. [Link to Deythere article]