China Poly Group denies involvement with Hong Kong's stablecoin.

China Poly Group affirms that it and its subsidiaries are not related to “Hong Kong Poly Stablecoin” or any organization with a similar name. In the announcement, the group stated that there is no cooperative, investment, or business relationship with the companies “Poly Digital Industry Group,” “Poly Digital Asset,” or “Poly Digital Asset Issuance,” while urging the public to remain vigilant and report suspicious activities.

This move reflects China's unwavering stance on separating state-owned enterprises from the private cryptocurrency sector, while reinforcing the policy of prioritizing state-controlled digital assets, such as the digital yuan (e-CNY). China Poly's statement also indicates efforts to tighten control over the cryptocurrency market, limiting private sector participation to ensure centralization in the national digital currency strategy.