China Tells Its Tech Giants to Halt Stablecoin Plans Amid Regulatory Review

China has asked major tech firms like Ant Group and JD.com to pause their stablecoin initiatives under Hong Kong’s pilot program. The directive, led by the PBoC and CAC, reflects Beijing’s intent to safeguard monetary stability and maintain control over currency issuance while advancing its own digital yuan. The move is not a crypto ban, but a clear assertion of state authority over digital money.