Key takeaways
- Alibaba’s Ant Group and JD.com have paused their stablecoin projects due to instructions from Beijing.
- These projects focused on yuan-based digital assets developed by major technology companies in China.
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Chinese tech giants, including Alibaba’s Ant Group and JD.com, have halted their stablecoin development projects following direct intervention from Beijing, according to the Financial Times.
The suspension affects yuan-based digital asset initiatives that major Chinese tech companies had been developing amid ongoing regulatory scrutiny by the central government.
Recently, Beijing ordered brokerages and think tanks to stop promoting stablecoins, reflecting growing concerns about private sector involvement in issuing digital currencies and the government’s desire to maintain control over monetary innovation.
The intervention aligns with broader Chinese efforts to counter foreign digital currency dominance while prioritizing state oversight of the domestic financial system.
