Insiders: Ant Group, JD.com and others have suspended plans to issue stablecoins in Hong Kong

according to Lianhe Zaobao, foreign media disclosed that informed sources said that Alibaba's Ant Group and tech giants like JD.com have suspended their plans to issue stablecoins in Hong Kong.

It is reported that Ant Group stated in June 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. Hong Kong passed the "Hong Kong Stablecoin Regulation Draft" in May this year.

This regulation officially came into effect on August 1. As of the end of September, a total of 36 institutions have submitted applications for stablecoin licenses.