Ant Group has publicly refuted rumors circulating on Chinese social media that it was collaborating with the People's Bank of China (PBoC) and China Rare Earth Group to launch a stablecoin backed by rare earth materials. The company issued a firm denial, stating the speculation was false and that it has no plans for such a project.

The incident underscores the high level of interest and speculation surrounding China's digital currency initiatives. While the PBoC is actively developing its central bank digital currency (CBDC), the digital yuan (e-CNY), private stablecoins are not permitted. Ant Group clarified that its work in the digital currency space is focused on supporting the e-CNY rollout. The rumor's swift denial reinforces the official stance on currency issuance and the controlled nature of China's digital finance ecosystem.