Overview

• Ant Group and JD.com have paused plans to issue stablecoins in Hong Kong, according to an FT report cited by Reuters.
• The FT says Chinese regulators, including the PBOC and CAC, instructed firms not to proceed with initial launches.
• PBOC officials reportedly advised against private-sector participation in the first rollout over concerns about letting companies issue any form of currency.
• Hong Kong passed a stablecoin law in May requiring HKMA licences for issuers, including those backing tokens with Hong Kong dollars.
• Reuters said it could not independently verify the FT report, the companies and regulators did not comment, and the HKMA said it does not comment on market rumours.