Chinese Tech Firms Halt Hong Kong Stablecoin Projects Amid Regulatory Scrutiny

Chinese tech giants Ant Group and JD.com have paused their stablecoin projects in Hong Kong following direct intervention from mainland regulators, including the People’s Bank of China (PBoC) and the Cyberspace Administration of China. This regulatory action highlights China’s cautious approach toward stablecoins and potentially impacts Hong Kong’s fintech ambitions as companies face increased scrutiny.