- China Poly Group denies Hong Kong stablecoin involvement.
- No official market impacts observed.
- HKMA labels stablecoin marketing unauthorized.
China Poly Group denied involvement with the “Poly Stablecoin in Hong Kong,” clarifying on October 25th that registered entities have no affiliation with its subsidiaries.
The statement aims to address misinformation, urging caution and due diligence, as Chinese regulators intensify scrutiny on private-sector stablecoin activities, aligning with national monetary policies.
China Poly Group Distances Itself from Stablecoin Claims
China Poly Group issued a statement, clarifying it is not affiliated with the rumored “Poly Stablecoin in Hong Kong,” saying there is no organizational connection to the Hong Kong-based companies mentioned. It advised vigilance in investment pursuits and reporting any suspicious activities.
The absence of recognized involvement from Poly Group underscores broader trends of heightened regulatory scrutiny surrounding private-sector stablecoin efforts in China. This comes as local authorities strive to secure financial integrity and control over currency creation while protecting the e-CNY, China’s digital yuan.
In response to the rumors, the HKMA has maintained its stance, saying it had not approved any stablecoin issuers. Market expectations for private-sector stablecoin issuances in Hong Kong are tempered by regulatory interventions.
Regulatory Concerns Mount Over Unauthorized Stablecoin Issuers
Did you know? In October 2025, similar regulatory actions led to the suspension of stablecoin projects by Ant Group and JD.com, underlining China’s stringent control over private digital currency ventures.
In the cryptocurrency markets, Ethereum (ETH) showed some movement as of October 25. With a current price of $3,933.24, according to CoinMarketCap, ETH experienced a 24-hour trading volume decrease of 8.11%, despite a 1.81% price rise over the same period. The market capitalization stands at formatNumber(474735692002.72, 2) million, with market dominance at 12.68%.
Insights from the Coincu research team indicate potential regulatory reforms threatening private stablecoin plans in regions like Hong Kong. Technology-led initiatives, combined with regulatory challenges, shape a landscape where state-backed currencies like the e-CNY are prioritized over decentralized counterparts.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/news/poly-group-denies-hk-stablecoin/
