The Financial Times reported that the companies had expressed interest in Hong Kong’s pilot stablecoin program and tokenized asset products, but were told to halt plans amid concerns that privately issued currencies could challenge the central bank’s authority and the digital yuan (e‑CNY).

Beijing’s intervention reflects wider regulatory anxiety about stablecoins’ systemic risks and monetary sovereignty, with former central bank officials urging careful assessment of tokenization and potential misuse for speculation or fraud. Hong Kong’s regulator has positioned the city as a trial ground for stablecoin licensing, but mainland authorities’ caution has slowed momentum from firms and brokerages considering participation.

• What happened? — Chinese tech firms like Ant and JD paused plans to issue stablecoins in Hong Kong after Beijing urged them to stop.
• Who intervened? — The People’s Bank of China and the Cyberspace Administration of China advised against private stablecoin issuance.
• Why the concern? — Regulators fear privately controlled stablecoins could challenge the PBoC’s monetary authority and the e‑CNY.
• What does this mean for Hong Kong? — Hong Kong’s pilot stablecoin program may see reduced mainland participation amid tighter mainland scrutiny.

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