Story perspectives

China Halts Ant Group, JD.com Stablecoin Projects Over Regulations

10/19/2025

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Summary

Story summary

The People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) ordered Ant Group and JD.com to suspend their stablecoin projects in Hong Kong.
They cited regulatory concerns and warned privately issued stablecoins could threaten monetary sovereignty and financial stability.
The move followed Hong Kong's licensing regime for stablecoin issuers to regulate the sector.
China's intervention signals ongoing efforts to curb financial innovation and prevent alternative currencies.

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Story summary

The People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) ordered Ant Group and JD.com to suspend their stablecoin projects in Hong Kong.
They cited regulatory concerns and warned privately issued stablecoins could threaten monetary sovereignty and financial stability.
The move followed Hong Kong's licensing regime for stablecoin issuers to regulate the sector.
China's intervention signals ongoing efforts to curb financial innovation and prevent alternative currencies.