Ant Group Sets the Record Straight on Rare Earth-Backed Stablecoin Rumors

Ant Group has cleared up the buzz about teaming up with China’s central bank to create a rare earth-backed RMB stablecoin, saying it’s simply not true. With tight regulations in China, many companies like Ant Group are focusing their stablecoin efforts overseas instead. The fintech giant took to Weibo to warn people not to fall for misleading reports, emphasizing, “We’ve never had any such plans with the authorities. Please stay cautious and don’t be fooled.”