The Hong Kong Legislative Council has released a special bulletin detailing the latest developments regarding stablecoins in the region, specifically focusing on renminbi-backed stablecoins. Major Chinese state-owned enterprises such as PetroChina and the Bank of China are interested in obtaining licenses to issue their own stablecoin pegged to the Chinese currency. The government is seeking central government support to explore the development of offshore Renminbi-backed stablecoins, aiming to strengthen Hong Kong’s position as an international financial hub for digital assets and web3 innovation. The government has implemented policies to accelerate advancements in financial technology, including the Stablecoin Ordinance which came into effect on August 1 this year. Many institutions, including Chinese state-owned businesses, have expressed interest in registering for stablecoin issuer licenses under the Hong Kong Monetary Authority. However, the government has yet to issue any licenses for stablecoin projects.
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