Chinese tech giants suspend plans to issue stablecoins after Beijing's intervention

In October 2025, Chinese tech giants including Ant Group, a subsidiary of Alibaba, and JD.com suspended their plans to issue stablecoins in Hong Kong. The decision followed intervention by Chinese regulators, including the People's Bank of China and the Cyberspace Administration of China, who expressed concerns about private sector control over digital currencies. ([reuters.com](https://www.reuters.com/business/retail-consumer/chinese-tech-giants-pause-stablecoin-plans-after-beijing-steps-ft-reports-2025-10-19/?utm_source=openai)) Earlier in May 2025, Hong Kong's legislature passed a law establishing a licensing regime for issuers of fiat currency-backed stablecoins, providing a clear regulatory framework for future participants. Ant Group and JD.com initially expressed interest in participating in a steiblcoin pilot program in Hong Kong. However, representatives from the People's Bank of China have recommended against participating in the initial steblecoin issuance, expressing concerns about allowing technology companies and brokerage firms to issue any type of currency. ([reuters.com](https://www.reuters.com/business/retail-consumer/chinese-tech-giants-pause-stablecoin-plans-after-beijing-steps-ft-reports-2025-10-19/?utm_source=openai)) These developments come amid global discussions about regulating digital assets. In September 2025, the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) announced a joint initiative to coordinate their efforts on digital assets, seeking regulatory clarity and investor protection. ([reuters.com](https://www.reuters.com/business/us-securities-commodities-regulators-announce-joint-crypto-initiative-2025-09-02/?utm_source=openai)) In addition, Kazakhstan launched the world's first regulated offshore RMB-linked stablecoin, AxCNH, in September 2025. The move underscores China's commitment to using blockchain technology to promote cross-border trade and challenges the dominance of the U.S. dollar in the cryptocurrency space. ([reuters.com](https://www.reuters.com/markets/emerging/chinas-yuan-stablecoin-debut-kazakhstan-signals-blockchain-ambition-2025-09-29/?utm_source=openai)) In light of these developments, Ant Group and JD.com's plans for a Hong Kong-based stablecoin have been put on hold, reflecting the Chinese authorities' cautious approach to private digital currencies and highlighting the difficulty of navigating the rapidly changing landscape of global digital asset regulation.