Insider: Ant Group, JD.com, and Others Halt Stablecoin Issuance Plans in Hong Kong

BlockBeats News, October 19th, according to Lianhe Zaobao report, insiders said that Ant Group, a subsidiary of Alibaba, and e-commerce giant JD.com, among other Chinese tech companies, have suspended their stablecoin issuance plans in Hong Kong.

In May of this year, Hong Kong reviewed and passed the Hong Kong Stablecoin Bill Draft. This bill officially took effect on August 1st. By the end of September, a total of 36 institutions had submitted stablecoin license applications. Ant Group had previously stated in June of this year that it would participate in the Hong Kong stablecoin pilot project, and JD.com also expressed its intention to join the pilot program.