Overview

• PetroChina said at its half-year results briefing that it is monitoring Hong Kong’s issuer-licence regime and will study using stablecoins for cross-border settlements and payments.
• Hong Kong’s Stablecoin Ordinance took effect on August 1, the HKMA has issued no licences, and a six-month transition is underway with applications encouraged by September 30.
• China’s State Council is reportedly reviewing a roadmap for yuan-backed stablecoins, with Hong Kong and Shanghai expected to fast-track potential pilots.
• Former PBOC governor Zhou Xiaochuan warned that stablecoins can amplify systemic risk even with full reserves, highlighting run dynamics and calling current oversight insufficient.
• Stablecoin supply has surged in 2025 and analysts project market size could approach $1.8 trillion by 2028, as regional players such as Japan’s Monex prepare domestic issuances.