Alibaba-backed Ant Group and JD.com have frozen their stablecoin development projects following direct intervention from Beijing, according to the Financial Times. The suspension impacts the companies' initiatives to develop yuan-based digital assets. The Chinese government reportedly directed brokerages and think tanks to stop promoting stablecoins, reflecting a broader effort to maintain state control over digital currency innovation and prevent the private sector from dominating the space. This move underscores the ongoing regulatory pressures faced by major technology firms in China and the government's prioritization of the state-backed digital yuan.