China Poly Group Clears Stablecoin Denials, Maintains Focus on Traditional Business

China Poly Group vehemently denies involvement in Hong Kong stablecoin projects amidst recent rumors. The company maintains its focus on traditional business ventures and has denied any association with initiatives such as ‘Poly Stablecoin’ or ‘Poly Stablecoin Fund’. No significant market impact was observed, despite the denial. This denial aligns with China’s ongoing effort to promote state-backed digital currencies while tightening regulations on private stablecoins.