Overview
- Ant Group and JD.com paused Hong Kong stablecoin efforts after guidance from the People’s Bank of China and the Cyberspace Administration of China, according to multiple reports citing people familiar.
- Officials questioned the “ultimate right of coinage,” warning that private stablecoins could compete with the e‑CNY and complicate oversight of capital flows and payments.
- Hong Kong’s licensing regime for fiat‑referenced stablecoins took effect in August, with officials cited as planning the first batch of licenses in early 2026.
- Mainland authorities also asked brokerages and other institutions to slow or stop tokenization and promotional activities linked to Hong Kong, reflecting broader caution over cross‑border digital assets.
- Regulatory hawkishness followed public warnings from former PBoC governor Zhou Xiaochuan about speculation and fraud risks; Ant, JD.com, the PBoC, CAC, and the HKMA have not publicly commented.