In the context of Hong Kong actively embracing digital assets and striving to build a global Web3 center, an exclusive report from the Financial Times has cast a shadow over the booming stablecoin market in Hong Kong. According to several informed sources, multiple Chinese tech giants, including Ant Group and JD.com, have suspended plans to advance stablecoin projects or issue tokenized bonds and other virtual asset-backed products in Hong Kong after receiving directives from Chinese regulatory bodies such as the People's Bank of China and the National Internet Information Office. This news not only reveals Beijing's deep concerns about the rise of private sector-controlled currencies but also brings the core financial issue of "currency issuance rights" to the forefront, indicating that China's strategic considerations in the digital currency field are far more complex and cautious than the market imagines.

I. Beijing's Intervention: Chinese Tech Giants Suspend Hong Kong Stablecoin Plans

Previously, several companies, including Ant Group and JD.com, had indicated this summer that they would participate in Hong Kong's stablecoin pilot program or issue virtual asset-backed products, such as tokenized bonds. However, this positive momentum has recently reversed.

Regulatory Directives: According to several informed sources, these companies have received instructions from Chinese regulatory bodies, including the People's Bank of China (PBoC) and the National Internet Information Office (CAC), advising them not to advance stablecoin plans.

The Currency Issuance Rights Dispute: Five informed sources stated that due to concerns about allowing tech groups and brokerages to issue any type of currency, PBoC officials suggested not participating in the initial stablecoin launch. One person familiar with the central bank's communication with tech groups indicated that issuing private stablecoins is also seen as a challenge to the PBoC's digital currency project, the "digital yuan." Another individual stated, "The real regulatory concern is who ultimately holds the currency issuance rights—the central bank or any private company in the market?"

Concerns About Systemic Risks: After a speech by former PBoC Governor Zhou Xiaochuan at the end of August, financial regulatory agencies adopted a more cautious stance. Zhou called for a comprehensive assessment of stablecoins and the systemic risks they may pose during a closed-door financial forum held in Beijing in July. He stated, "We need to be wary of the risks of stablecoins being overly used for asset speculation, as misinformation could lead to fraud and instability in the financial system." Zhou urged for a "careful assessment of the real demand for tokenization as a technological foundation," adding, "Although many believe stablecoins will reshape the payment system, in reality, there is almost no room for cost reduction in the existing system, especially in retail payments."

II. Global Stablecoin Regulation: Addressing Dollar Dominance and Monetary Policy Challenges

The Chinese authorities' counteraction highlights how regulators worldwide are eager to respond to the rise of stablecoins, especially after the Trump administration positioned them as a pillar of mainstream finance and a tool to showcase dollar dominance.

Challenges of Dollar Stablecoins: The European Central Bank has stated that the widespread adoption of dollar stablecoins could hinder its ability to control monetary policy. Stablecoins are digital tokens pegged to fiat currencies like the dollar and are foundational to cryptocurrency trading.

Hong Kong's "Testing Ground" Role: The Hong Kong Monetary Authority (HKMA), effectively the central bank of Hong Kong, began accepting applications from stablecoin issuers in August, positioning itself as a testing ground for the mainland. This summer, interest in Hong Kong's plans surged, with some officials suggesting that renminbi-denominated stablecoins could promote the international use of the renminbi.

Strategic Significance of Renminbi Stablecoins: Zhu Guangyao, former Vice Minister of Finance of China, stated in June that "the strategic purpose of the U.S. promoting stablecoins is to maintain dollar hegemony," and that China's response to this financial challenge hinges on developing stablecoins pegged to the renminbi. He emphasized, "We should fully leverage Hong Kong's pilot projects; renminbi stablecoins must be integrated into the overall design of the national financial strategy."

III. Mainland China and Hong Kong: The Delicate Balance of Digital Asset Regulation

This incident once again highlights the subtle differences in regulatory attitudes towards digital assets between mainland China and Hong Kong.

Prudent Attitude of Mainland China: China has long aspired for the renminbi to become a global currency, reflecting its status as the world's second-largest economy. However, its strict capital controls and annual trade surpluses of trillions of dollars have hindered this goal. China has adopted a cautious stance towards digital assets, fearing for the stability of its financial system.

Hong Kong's Open Strategy: The Hong Kong Legislative Council passed a stablecoin bill in May, establishing a licensing system for issuers of statutory reference stablecoins in Hong Kong, providing regulatory clarity for future participants. Under the new system, anyone issuing stablecoins in Hong Kong or issuing renminbi-backed stablecoins, whether within or outside Hong Kong, must obtain permission from the HKMA.

Coordination Under "One Country, Two Systems": Although Hong Kong is committed to becoming a global digital asset center, its development still needs to balance regulatory coordination with mainland China under the "One Country, Two Systems" framework. Beijing's intervention is a reflection of this coordination mechanism.

IV. Market Reaction and Future Outlook

Reuters was unable to immediately verify the report. Ant Group, JD.com, the People's Bank of China, and the Cyberspace Administration of China have not yet responded to requests for comment. A spokesperson for the HKMA told Reuters in an email on Sunday that the authority would not comment on market rumors.

Stablecoins are cryptocurrencies designed to maintain a constant value, typically pegged to fiat currencies like the dollar, and cryptocurrency traders often use stablecoins to transfer funds between tokens. This incident will undoubtedly have a profound impact on the development of Hong Kong's stablecoin market and the positioning of Chinese tech giants in the digital asset space.

Conclusion:

The exclusive revelation by the Financial Times regarding the suspension of Hong Kong stablecoin plans by Chinese tech giants once again brings the "currency issuance rights" dispute in the digital currency field to the forefront. Beijing's intervention reflects deep concerns about the rise of private sector-controlled currencies and represents China's strategic considerations in maintaining national financial sovereignty and monetary policy independence in the digital currency arena. Although Hong Kong is dedicated to building a global digital asset center, its development must still balance regulatory coordination with mainland China under the "One Country, Two Systems" framework. In the future, the development of the stablecoin market will not only be a competition of technology and markets but also a deep game of digital sovereignty and financial influence between nations.

Related Reading: The whereabouts of QMMM, the founder of Hong Kong's crypto treasury company, remain a mystery; what happened after the suspension?

Original text: “China Intervenes? Exclusive Report by British Media Reveals: Ant Group and JD.com Suspend Hong Kong Stablecoin Plans”

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