Chinese tech giants, including Alibaba-backed Ant Group (688688.SS) and e-commerce company JD.com have halted plans to issue stablecoins in Hong Kong after the government raised concerns about the increasing influence of privately controlled currencies, the Financial Times reported on Saturday.
The companies put their stablecoin initiatives on hold after receiving instructions from Chinese regulators, including the People’s Bank of China (PBOC) and the Cyberspace Administration of China (CAC), to delay their plans, according to sources cited by the FT.
In May, Hong Kong's legislature passed a stablecoin bill that established a licensing framework for issuers of fiat-backed stablecoins, providing regulatory clarity for future participants. Under this new framework, anyone wishing to issue stablecoins in Hong Kong—or those issuing stablecoins backed by Hong Kong dollars, whether inside or outside the city—must obtain a licence from the Hong Kong Monetary Authority (HKMA).
Ant Group had announced in June its intention to participate in the pilot stablecoin programme, and JD.com had also expressed interest in joining, according to the FT.
PBOC officials reportedly advised against joining the initial rollout of stablecoins due to concerns about permitting tech companies and brokerages to issue any form of currency, the FT added.
Reuters was unable to immediately verify the report. Ant Group, JD.com, the PBOC, and the CAC did not respond to requests for comment. A spokesperson for the HKMA told Reuters on Sunday via email that the authority does not comment on market rumours.
Stablecoins, a type of cryptocurrency designed to maintain a stable value, usually pegged to a fiat currency such as the US dollar, are commonly used by crypto traders to transfer funds between different tokens.
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Saudi civil defence sent an all-clear on Saturday after issuing alerts for a second time for potential danger in Riyadh and the city of Al-Kharj east of the capital, amid an uptick in attacks by Iran-aligned Houthis on the Gulf country.
Houthi attacks target Riyadh amid concerns over Saudi oil supplies, as Iran says it will not reopen the Strait of Hormuz until its conditions are met and U.S. commitments are implemented, parliament speaker Mohammad Bagher Ghalibaf said on Sunday.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
The death toll from an overnight Russian attack on the Kyiv region rose to four, including three children, Kyiv regional authorities said on Sunday. A mother and her two 3-year-old children were killed when a Russian drone strike hit a private home, the emergency service said.
U.S. President Donald Trump said on Friday that additional news organisations could be barred from the White House, hours after announcing bans on CNN, MS NOW and Politico over coverage he described as “fake news”.
U.S. President Donald Trump announced on Saturday (19 September) the creation of an “AI Force” and plans to appoint an artificial intelligence (AI) czar, while rejecting calls to slow the development of increasingly powerful AI systems.
Google’s Gemini AI model accessed the internet and hacked three companies during a cybersecurity test, in what is believed to be the first known case of the company’s AI systems autonomously carrying out such activity.
Here's your AnewZ Daily Brief for 18 September 2026. These are the top five stories making headlines in the field of science.
French prosecutors have launched a criminal investigation into suspected sexual harassment involving smart glasses, amid mounting global concern over the privacy risks posed by the devices.
Some of the world’s most powerful technology executives are lobbying U.S. President Donald Trump over artificial intelligence regulation, exposing growing divisions within the industry over how governments should respond to rapidly advancing AI.
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