Behold, the titans of China’s tech realm-Ant Group, JD.com-have abandoned their Hong Kong stablecoin odyssey, as if poets fleeing a sonnet’s final line. The People’s Bank of China, in its infinite wisdom, whispered caution to these digital dreamers, lest private coins usurp the central bank’s divine right to mint. “Who holds the quill of coinage?” they mused, as if the question were a riddle from Pushkin himself. 🤔
The Financial Times, that scribe of financial fables, reports the companies now pause their plans, as autumn leaves halt mid-fall. The Cyberspace Administration, that watchful owl, blinked once too often, and the stablecoin dream dimmed. “A ballet of compliance,” one source sighed, “where every step is a stumble.” 🚫
Earlier this year, these firms danced toward Hong Kong’s stablecoin pilot, hoping to tokenize bonds and such-like turning moonlight into gold. But now, silence hangs thicker than a St. Petersburg fog. The SFC’s Ye Zhiheng, that harbinger of caution, warned of fraud’s specter, as if the market were a theater of fools. 🎭
And lo, losses struck Hong Kong’s stablecoins on August 1st, as if karma’s ledger demanded payment. Caixin’s report vanished like a whisper in the wind, leaving only questions and a trail of “did that really happen?” 🧐
China’s securities watchdog, ever the sentinel, now halts real-world asset tokenization in Hong Kong, as if choking the life from a newborn phoenix. Yet in this storm, CMB International Asset Management dares to tokenize $3.8 billion on BNB Chain-a lone wolf in a sheepskin suit. 🐺💼
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2025-10-19 14:12