Ant Group and JD.com Reportedly Halt Hong Kong Stablecoin Issuance Plans

Breaking NewsOct. 19, 2025

Summarized by NextFin AI

Ant Group and JD.com have suspended their plans to issue stablecoins in Hong Kong following regulatory guidance from the People's Bank of China and the Cyberspace Administration of China.
This decision comes after Hong Kong's Stablecoin Ordinance took effect on August 1, with the Hong Kong Monetary Authority receiving stablecoin license applications from 36 institutions by the end of September.
Both companies had previously expressed intentions to participate in Hong Kong's stablecoin pilot program, indicating a cautious approach from mainland regulators towards Chinese firms in the digital asset space.

Chinese tech giants Ant Group and JD.com have reportedly suspended their plans to issue stablecoins in Hong Kong, according to people familiar with the matter.

The companies shelved their projects after receiving guidance from regulators, including the People’s Bank of China (PBOC), the central bank, and the Cyberspace Administration of China (CAC), instructing them to “pause further progress” on the initiatives, according to the sources.

The move comes just months after Hong Kong passed its Stablecoin Ordinance in May, which officially took effect on August 1. As of the end of September, the Hong Kong Monetary Authority (HKMA) had received stablecoin license applications from 36 institutions.

Ant Group had announced in June that it would participate in Hong Kong’s stablecoin pilot program, while JD.com also expressed its desire to join. The latest suspension suggests that Chinese mainland regulators are taking a cautious stance on the participation of Chinese firms in Hong Kong’s emerging digital asset framework.

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Insights

What is a stablecoin and how does it function?

What regulatory changes occurred in Hong Kong regarding stablecoins in 2023?

How do Ant Group and JD.com's stablecoin plans align with global trends in digital currency?

What were the reasons behind the suspension of stablecoin projects by Ant Group and JD.com?

How does the guidance from the People’s Bank of China affect the stablecoin market?

What implications does the suspension of these projects have for Hong Kong's digital asset framework?

What are the key features of Hong Kong's Stablecoin Ordinance?

What feedback have users and investors provided regarding stablecoin initiatives in Hong Kong?

How might the suspension of stablecoin issuance influence future regulatory policies in China?

What challenges do Chinese tech companies face in the digital currency space?

How does the stablecoin issuance landscape in Hong Kong compare to that in other regions?

What potential impacts could arise from the cautious stance of mainland regulators?

What lessons can be learned from past attempts at digital currency regulation in China?

How do Ant Group and JD.com’s plans differ from other companies pursuing stablecoin issuance?

What are the long-term effects of halted stablecoin projects on the future of digital finance?

Has there been any recent news regarding the applications for stablecoin licenses in Hong Kong?

What role does the Hong Kong Monetary Authority play in regulating stablecoins?

How might the market react to the news of suspended stablecoin projects by major companies?

What are the potential benefits of stablecoins for the digital economy?

What are the core concerns surrounding stablecoins that regulators are focusing on?

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