Overview

• PetroChina said it is monitoring Hong Kong’s stablecoin issuer licenses and will study using tokens for cross‑border settlements, as the HKMA confirms no licenses have been issued yet.
• Under Hong Kong’s Stablecoin Ordinance, a six‑month transition has begun and the HKMA urged applications by September 30, with firms including Ant Group and JD Coin expressing interest.
• Former PBoC governor Zhou Xiaochuan warned that even fully reserved stablecoins can amplify risk via lending, collateral reuse and trading, calling for reserves to be held at or overseen by central banks and citing TerraUSD’s 2022 run.
• Reuters has reported that China’s State Council is reviewing a roadmap for yuan‑pegged stablecoins, with any pilots expected offshore due to capital controls and Hong Kong positioned as the primary testing ground.
• The global stablecoin supply has climbed to roughly $270 billion in 2025, with some analysts projecting up to $1.8 trillion by 2028, as the U.S. GENIUS Act and Japan’s yen‑stablecoin plans accelerate regulatory and market shifts.