Beijing Shuts Down Stablecoin Ambitions in Hong Kong

[lingriiddd]

China’s biggest tech firms — including Ant Group and JD.com — have halted stablecoin projects in Hong Kong after pressure from Beijing. The move reinforces China’s priority: monetary sovereignty via the digital yuan (e-CNY), not private tokens. Hong Kong’s role as a Web3 hub now looks sharply constrained.

[kelson10]

The clampdown signals Beijing’s intent to maintain tight control over monetary digitalization.

[alex10]

It’s a reminder that Hong Kong’s crypto autonomy still operates under mainland oversight.