According to the source, the Financial Times reports that Beijing instructed major mainland Chinese technology firms to halt or avoid launching stablecoin initiatives in Hong Kong, signaling continued mainland restrictions despite Hong Kong’s virtual asset licensing efforts, source: Financial Times. This policy signal contrasts with Hong Kong’s plan to establish a licensing regime for fiat-referenced stablecoin issuers, indicating potential delays for HKD or CNH-referenced stablecoin launches, source: Hong Kong Monetary Authority. For traders, the reported guidance lowers the probability of near-term Hong Kong-based stablecoin catalysts and may weigh on sentiment for Hong Kong–linked crypto equities and tokens during Asia trading hours, source: Financial Times. Market participants should monitor HKMA licensing milestones and any official communications from mainland regulators for clarity on cross-border participation and compliance parameters, source: Hong Kong Monetary Authority; People’s Bank of China.