Ant Group Denies Rumors of Rare Earth-Backed Stablecoin Project

Rumors circulating online suggesting a joint venture between China Rare Earth Group, Ant Group, and the People’s Bank of China (PBoC) to develop a rare earth-backed RMB stablecoin have been refuted. Both China Rare Earth Group and Ant Group issued statements rejecting these claims as fabricated misinformation. The denial comes amid heightened interest in stablecoins from Chinese companies seeking to capitalize on regulatory frameworks that encourage innovation, even though domestic use remains restricted.