China Poly Group Denies Involvement with Hong Kong Stablecoins

China Poly Group has officially denied any involvement in Hong Kong-based stablecoin activities, stating that neither it nor its subsidiaries are associated with entities using names like ‘Hong Kong Poly Stablecoin.’ The denial was made public through reports from ChainCatcher and Sina Finance. This statement aligns with China’s broader policy shift towards government-controlled digital assets, such as the digital RMB. This movement further emphasizes a growing separation of state-owned enterprises from private crypto ventures.