Overview

• Chinese regulators have ordered brokerages and think tanks to cancel stablecoin seminars and halt related research over fraud and capital-flight concerns.
• Guidance issued in late July discourages public stablecoin outreach to prevent a speculative frenzy among uninformed investors.
• Insiders say China continues testing an RMB-pegged stablecoin to internationalize the yuan and reduce reliance on SWIFT.
• Hong Kong’s Stablecoins Ordinance took effect August 1 and requires issuers to secure HKMA licenses by month’s end under strict reserve and AML rules.
• Only one of China’s four major state-owned banks is expected to obtain a Hong Kong license in the first phase, reflecting a cautious rollout of fiat-backed tokens.