Chinese tech giants Ant Group and JD.com halt stablecoin plans in Hong Kong after regulatory concerns from Beijing. People’s Bank of China and Cyberspace Administration of China ordered the pause. Both companies were interested in joining Hong Kong’s stablecoin program or launching digital financial products. Hong Kong’s stablecoin push faces obstacles as mainland officials slow momentum due to fraud risks and regulatory framework concerns. Caixin reported Beijing’s restriction on stablecoin activity in Hong Kong, but the report was removed shortly after publication, casting doubt on its claims. China’s securities watchdog instructs local brokerages to pause real-world asset tokenization activities in Hong Kong, signaling unease with offshore digital asset ventures. CMB International Asset Management tokenizes a $3.8 billion money market fund on BNB Chain, as tokenization gains momentum in China.

Read more at Cointelegraph: China Tech Giants Halt Hong Kong Stablecoin Plans Amid Beijing Concerns