Overview

• The People’s Bank of China and the Cyberspace Administration of China reportedly told the firms not to proceed with issuing yuan-linked tokens through Hong Kong.
• Mainland regulators also directed brokerages and think tanks to pause stablecoin promotion and certain real‑world asset tokenization efforts tied to Hong Kong.
• Hong Kong passed a stablecoin law in May and began accepting license applications in August, but the Hong Kong Monetary Authority has declined to comment and approvals remain pending.
• Regulatory concerns focus on who holds the "right of coinage," potential overlap with the e‑CNY, and risks to capital controls and financial stability highlighted by former PBoC governor Zhou Xiaochuan.
• Ant Group, JD.com, the PBoC and the CAC did not respond to requests for comment, and Reuters said it could not immediately verify the Financial Times report.