Alibaba-backed Ant Group and one of China's largest retailers, JD.com, have reportedly paused their plans to issue stablecoins in Hong Kong.
China is assessing whether to allow yuan-backed stablecoins to improve global reach, a shift that would follow Hong Kong’s push to license issuers.
China orders brokers and research groups to halt promoting stablecoins, including canceling seminars and reports, as Beijing's skepticism persists.