Ant Group has refuted rumors suggesting it is collaborating with the People's Bank of China (PBoC) to develop a rare earth-backed RMB stablecoin. The company clarified that such claims are unfounded and advised the public to be cautious of potential misinformation. This denial comes amid increased interest from Chinese e-commerce firms in stablecoin technologies as countries enhance their regulatory frameworks. Despite the excitement surrounding stablecoins, Chinese regulators have cautioned brokerages about public discussions related to them, primarily to prevent rekindling interest in cryptocurrencies domestically, which is currently banned. The recent focus on stablecoins has been particularly evident in Hong Kong, which has introduced a licensing regime to oversee fiat-referenced stablecoins, driving companies to explore international offerings instead. Ant Group is actively involved in other blockchain efforts, including potential integrations with stablecoins like USDC and exploring stablecoins connected to the Hong Kong dollar, reflecting a broader trend among Chinese firms eager to utilize digital payment innovations while navigating regulatory restrictions.

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