Overview

• Financial Times reported that the PBoC and CAC advised companies not to join Hong Kong’s initial stablecoin rollout, prompting Ant Group and JD.com to halt plans.
• Reuters said it could not immediately verify the FT report, with Ant, JD.com, the PBoC and the CAC not commenting and the HKMA saying it does not comment on market rumours.
• Hong Kong enacted a licensing regime for fiat-referenced stablecoin issuers in May, and the HKMA began accepting applications in August.
• Sources cited by FT framed regulators’ core concern as who holds the “ultimate right of coinage,” while former PBoC governor Zhou Xiaochuan has warned about speculation and fraud risks.
• Separate reports indicate the CSRC told brokerages to pause real‑world‑asset tokenization efforts tied to Hong Kong, suggesting broader caution on private tokenized finance.