Chinese tech giants pause stablecoin plans after Beijing steps in, FT reports

Chinese tech giants, including Alibaba-backed Ant Group and ecommerce group JD.com , have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday.

Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China and Cyberspace Administration of China, not to move ahead with the plans, FT reported, citing people familiar with the matter.

Hong…