Overview

• PetroChina disclosed it is monitoring Hong Kong Monetary Authority licensing and will study stablecoin-based cross-border settlement, with Hong Kong’s ordinance now in force and the HKMA confirming no licenses yet and urging applications by September 30 under a six-month transition.
• China’s State Council is reviewing a roadmap for a yuan-pegged stablecoin, with reporting indicating offshore pilots in Hong Kong and Shanghai are under consideration to preserve capital controls.
• Former PBoC governor Zhou Xiaochuan warned that even fully reserved stablecoins can amplify redemptions through leverage and trading channels and urged central bank–supervised custody and better tracking of circulation and risk.
• Regional competition is building, with firms such as JD Coin, Ant Group and Standard Chartered eyeing Hong Kong licenses, and Japan’s Monex preparing a yen-backed stablecoin linked to government bonds.
• Global stablecoin supply has climbed to roughly $270 billion by mid-2025, and analyst projections suggest about $1.8 trillion by 2028, sharpening scrutiny of oversight, reserves and potential market effects.