Hong Kong’s stablecoin plans have hit a roadblock. Sources close to the matter reveal that Ant Group, Alibaba’s subsidiary, and e-commerce giant JD.com have suspended their plans to issue stablecoins in the region.
The two companies had previously expressed interest in participating in Hong Kong’s stablecoin pilot project. However, after reviewing the “Hong Kong Stablecoin Bill” in May, it seems they’ve decided not to go through with it.
As of September 30, a total of 36 institutions had applied for stablecoin licenses under the new regulation. But for Ant Group and JD.com, their stablecoin dreams appear to be on hold for now.
Source: https://www.bitget.com/news/detail/12560605021257