Odaily Planet Daily reported that people familiar with the matter revealed that Alibaba's Ant Group and e-commerce giant JD.com have suspended plans to issue stablecoins in Hong Kong.

Hong Kong reviewed and approved the Hong Kong Stablecoin Bill in May this year, which officially came into effect on August 1. As of the end of September, the Hong Kong Monetary Authority had received applications for stablecoin licenses from 36 institutions.

Previously, Ant Group announced in June that it would participate in the Hong Kong stablecoin pilot project, and JD.com also said it would join the relevant pilot, but both have now put their progress on hold. (Lianhe Zaobao)