China’s pause on stablecoin projects will not dampen Hong Kong’s crypto push, experts say

The directive reflects Chinese regulators’ attempts to cool down months of fervour surrounding stablecoins in Hong Kong

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The PBOC and Cyberspace Administration of China asked Ant Group and JD.com ‘not to move ahead’ with their stablecoin projects. Photo: Shutterstock Images

Published: 2:00pm, 25 Oct 2025

Beijing’s recent moves to rein in mainland Chinese firms’ stablecoin and tokenisation initiatives in Hong Kong may have rattled the city’s crypto sector, but the Chinese government’s increased openness to digital assets overall had not changed amid competition with the US, experts said.

The People’s Bank of China (PBOC) recently summoned a number of mainland firms under its jurisdiction, asking them to wait for its instructions before moving forward with their stablecoin initiatives in Hong Kong, according to a person familiar with the matter who declined to be named due to its sensitivity.

The targeted firms included banks and non-bank payment service providers, the person said.

The Chinese central bank and the Cyberspace Administration of China have asked Ant Group and JD.com “not to move ahead” with their stablecoin projects, the Financial Times reported last week.

Ant Group and JD.com did not respond to requests for comment. Ant Group is an affiliate of Alibaba Group Holding, owner of the Post.

The directive reflects Chinese regulators’ attempts to cool down months of fervour surrounding stablecoins and real-world asset (RWA) tokenisation in Hong Kong, which has been allowed to develop its digital asset sector since 2022.

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