Japan’s three largest banks have received regulatory approval to conduct proof-of-concept trials for a yen-denominated stablecoin, marking a significant advancement in the country’s digital currency infrastructure. MUFG Bank, Sumitomo Mitsui Banking Corp., and Mizuho Bank plan to have the jointly issued digital currency in practical use by March 2026, initially focusing on corporate payments while leveraging Tokyo-based fintech Progmat’s technical infrastructure. This development positions Japan alongside other Asian nations actively developing regulated stablecoin ecosystems, though adoption may face challenges in a market already dominated by advanced cashless payment systems.
about Japan's Top Banks Launch Yen Stablecoin Pilot for 2026
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China Cracks Down on Crypto as Asia Launches Stablecoins
China’s central bank has reaffirmed its hardline stance against cryptocurrency operations, with PBOC Governor Pan Gongsheng declaring stablecoins fail to meet basic anti-money laundering requirements, even as neighboring Japan and South Korea launch regulated national stablecoins. This regulatory divergence underscores Asia’s fragmented approach to digital assets, with China maintaining strict domestic controls while monitoring overseas developments with growing concern.
about China Cracks Down on Crypto as Asia Launches StablecoinsChina Blocks Alibaba, JD.com Stablecoin Plans in Hong Kong
Chinese authorities have intervened to block stablecoin initiatives by Alibaba-backed Ant Group and JD.com in Hong Kong, signaling Beijing’s firm commitment to maintaining state control over monetary policy. The directive from the People’s Bank of China and Cyberspace Administration of China represents a strategic recalibration of Hong Kong’s digital asset role, emphasizing cross-border compliance over retail speculation and private currency issuance. This development underscores China’s cautious approach to cryptocurrency ventures that could potentially undermine its sovereign financial authority.
about China Blocks Alibaba, JD.com Stablecoin Plans in Hong KongChina Halts Ant Group, JD.com Stablecoin Plans in Hong Kong
Beijing regulators have forced two of China’s largest technology companies, Ant Group and JD.com, to suspend their stablecoin initiatives in Hong Kong following direct intervention from the People’s Bank of China and the Cyberspace Administration of China. This decisive move underscores Beijing’s determination to maintain strict control over digital currency issuance and highlights the fundamental question at the heart of the regulatory crackdown: whether coinage rights should belong to central banks or private market entities.
about China Halts Ant Group, JD.com Stablecoin Plans in Hong KongChina Halts Tech Giants’ Stablecoin Plans in Hong Kong
Chinese technology giants including Ant Group and JD.com have suspended their stablecoin issuance plans in Hong Kong following regulatory intervention from Beijing authorities. The Financial Times reported that both the People’s Bank of China and the Cyberspace Administration of China instructed companies to pause their plans, reflecting government concerns about private sector-controlled digital currencies gaining prominence in the financial ecosystem.
about China Halts Tech Giants' Stablecoin Plans in Hong KongAI Rally Lifts China Tech Stocks to 4-Year High
Chinese technology stocks soared to their highest level in nearly four years on Wednesday, powered by surging optimism around artificial intelligence investments. The Hang Seng Tech Index closed at its strongest point since November 2021, with Baidu leading the charge with a spectacular 16% surge while Alibaba and JD.com posted substantial gains. The rally unfolded against a backdrop of cautious global trading as investors awaited the Federal Reserve’s critical interest-rate decision.
about AI Rally Lifts China Tech Stocks to 4-Year HighHKMA Eases Crypto Bank Rules as China Tightens Stablecoin Grip
The Hong Kong Monetary Authority (HKMA) has circulated draft rules that would lower capital requirements for banks dealing with cryptocurrencies, provided issuers demonstrate adequate risk safeguards. These rules, adapting Basel standards to Hong Kong’s banking system and set for implementation in early 2026, primarily target assets on public blockchains. Meanwhile, Chinese authorities have ordered domestic companies to halt stablecoin research and seminars, citing concerns about illicit activities. This creates tension with Hong Kong’s new stablecoin licensing regime, which attracted 77 firms but may now see reduced participation from mainland-linked institutions. Despite the crackdown, discussions in Shanghai have explored yuan-denominated stablecoins to strengthen the currency’s global role.
about HKMA Eases Crypto Bank Rules as China Tightens Stablecoin GripAnt Group Denies Rare Earth-Backed RMB Stablecoin Rumors
Chinese tech giant Ant Group has refuted claims that it is developing a rare earth-backed RMB stablecoin in partnership with the People’s Bank of China (PBoC). The company warned investors against misleading reports, clarifying it has no such plans. Despite China’s domestic crypto ban, firms like Ant Group and JD.com are exploring stablecoin technology for international use, particularly under Hong Kong’s regulatory framework. Ant is also integrating USDC into its blockchain platform, while JD.com seeks stablecoin licenses for cross-border payments. Chinese regulators have cautioned brokerages against promoting stablecoins to prevent renewed domestic crypto interest.
about Ant Group Denies Rare Earth-Backed RMB Stablecoin RumorsJD.com Plans Hong Kong Dollar Stablecoin Under HKMA Rules
JD.com, often called China’s Amazon, is preparing to launch a Hong Kong dollar stablecoin under the Hong Kong Monetary Authority’s (HKMA) regulatory framework. The company has registered two entities, Jcoin and Joycoin, through its fintech subsidiary JD Coinlink Technology, signaling its intent to be among the first issuers under HKMA’s stablecoin regime. JD Coinlink is already a participant in HKMA’s stablecoin sandbox program, highlighting the firm’s strategic push into crypto-based financial services. The move aligns with Hong Kong’s efforts to establish itself as a regulated hub for digital assets.
about JD.com Plans Hong Kong Dollar Stablecoin Under HKMA RulesWestern Union Eyes Stablecoins for Global Remittances
Western Union CEO Devin McGranahan has highlighted stablecoins as a key opportunity for faster cross-border payments, better fiat conversion in underserved markets, and store-of-value solutions in unstable economies. The company is already piloting new settlement processes in regions like South America and Africa, while exploring crypto on-ramps and wallet offerings. Regulatory developments, such as the U.S. GENIUS Act and Europe’s MiCA, are driving adoption, with industry experts predicting widespread stablecoin integration by 2026. However, skeptics like Senator Elizabeth Warren warn of risks from private stablecoin issuers. Meanwhile, businesses and migrant platforms are increasingly adopting stablecoins for their cost efficiency and speed, particularly in Africa.
about Western Union Eyes Stablecoins for Global RemittancesShenzhen Warns of Stablecoin Scams as Hong Kong Prepares New Rules
Shenzhen officials have alerted the public to an increase in scams tied to stablecoins, warning of illegal fundraising, fraud, and money laundering. This follows a similar warning from JD.com about fake stablecoin promotions. In contrast, neighboring Hong Kong is preparing to launch a regulatory framework for stablecoins on August 1, allowing only licensed firms to issue fiat-referenced tokens. Financial Secretary Paul Chan highlighted stablecoins’ potential in cross-border payments, while experts note Hong Kong’s progressive stance compared to other jurisdictions. Despite China’s crypto bans, scams remain prevalent, with organized crime groups exploiting victims domestically and abroad.
about Shenzhen Warns of Stablecoin Scams as Hong Kong Prepares New RulesShenzhen Warns of Stablecoin Investment Scams
Shenzhen’s Office of the Municipal Task Force for Preventing and Combating Illegal Financial Activities has cautioned residents against fraudulent investment schemes tied to stablecoins and digital assets. Scammers are using flashy advertising to promote fake opportunities, often involving pyramid schemes, fraud, and money laundering. These unlicensed operations violate China’s financial regulations, leaving investors unprotected. Authorities advise reporting suspicious platforms and avoiding unrealistic returns. Meanwhile, stablecoins like USDT and USDC continue gaining global traction, with Chinese firms exploring CNY-pegged alternatives to counter USD dominance. The US is also advancing stablecoin regulation through the GENIUS Act, aiming to solidify dollar-linked stablecoins’ market leadership.
about Shenzhen Warns of Stablecoin Investment Scams