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Chinese tech giants pause stablecoin plans after Beijing steps in
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Chinese tech firms suspend stablecoin initiatives after Beijing intervenes, raising red flags on digital-asset regulation in China.
Several major Chinese technology firms have halted their plans to launch stablecoins following direct intervention by Beijing, according to a report. The decision comes amid intensifying regulatory scrutiny of digital-assets in China, as authorities clamp down on crypto-tied products and tighten oversight of fintech firms. Analysts say the move signals that the Chinese government remains wary of stablecoins’ potential to bypass capital controls and expose the financial system to risks.