Ant Group Denies Rare-Earth Stablecoin Plans with China’s Bank

The denial came after posts on Chinese social media platforms suggested Ant Group was developing a rare earth-backed stablecoin in partnership with the People’s Bank of China. Some reports also claimed China Rare Earth Group was part of the project. The Alibaba-affiliated company posted on its official Weibo account that these claims were false.

Ant Group said it had never discussed or planned any collaboration with these organizations. The company warned that the false reports could mislead investors into believing such a project existed.

The rumors spread through local media outlets and industry publications before Ant Group issued its clarification. The company emphasized that people should verify information carefully to avoid potential scams.

Ant Group has separately expressed interest in Hong Kong’s regulated stablecoin market. In June, the company’s international division said it would apply for a fiat-referenced stablecoin issuer license in Hong Kong when applications become available.

Reuters last month reported that Ant Group and JD.com had approached Chinese authorities about allowing offshore yuan-pegged stablecoins issued from Hong Kong. The companies want to expand the renminbi’s role in digital finance.

Ant Group is also examining other blockchain projects. The company plans to integrate USDC into its platform if the token gains full compliance under U.S. regulations.

Hong Kong launched its licensing framework for fiat-referenced stablecoins on August 1. The new rules position the city as a regulated hub for stablecoin activity while mainland China continues to ban cryptocurrency trading.

Large Chinese tech companies view stablecoins as tools to cut settlement costs and create new revenue streams. Regulators are reviewing how these digital assets might affect financial stability and capital controls.