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The Hong Kong Legislative Council has released a new policy bulletin indicating active exploration of RMB stablecoin development, marking a significant step toward integrating renminbi-backed digital assets into its financial system.
Published on October 13, 2025, the “special report” outlined the government’s efforts to strengthen its fintech ecosystem and position Hong Kong as a premier hub for digital finance.
According to the bulletin, the city is now seeking central government support to facilitate the issuance of offshore RMB-backed stablecoins. This development represents the first formal acknowledgment since August that the region intends to move forward with RMB stablecoin development as part of its wider Web3 innovation strategy.
“The report provides an overview of how the nation has, in recent years, leveraged technology for innovation and application in areas such as digital assets, green and sustainable finance, and cross-border finance,” wrote the council in a translated foreword.
The council emphasized that the world is undergoing a major transformation in financial systems driven by cryptocurrency, stablecoins, and other blockchain innovations, and Hong Kong aims to lead that transition through RMB stablecoin development and policy innovation.
One of the most notable revelations from the report is the increasing interest of mainland Chinese enterprises in RMB stablecoin development. Major state-owned institutions including PetroChina and the Bank of China, are reportedly exploring applications for stablecoin issuer licenses under Hong Kong’s newly enacted Stablecoin Ordinance, which took effect on August 1, 2025.
These companies aim to issue their own stablecoins pegged to the Chinese renminbi (RMB), potentially enabling more efficient cross-border trade settlements and digital payments. PetroChina, in particular, is eyeing stablecoin solutions to streamline oil and gas export transactions.
“China National Petroleum Corporation and the Bank of China have shown keen interest in obtaining stablecoin licenses,” the report noted, highlighting a strategic alignment between government policy and enterprise innovation.
If approved, these initiatives could accelerate RMB stablecoin development in Hong Kong and promote greater financial integration between the city and mainland China.
Since the passage of the Stablecoin Ordinance, Hong Kong has begun crafting amendments based on industry feedback to expand the scope of permissible issuers and underlying assets. Initially, the law approved only four categories of stablecoin providers, but proposed revisions now aim to include licensed digital asset issuers pegged to fiat currencies.
This legislative evolution aligns with the government’s goal of facilitating RMB stablecoin development while maintaining a secure and compliant environment for digital finance. The ordinance also supports the issuance of tokenized green bonds, with over $43 billion in sustainable debt instruments planned for rollout.
By incorporating RMB stablecoin development into its financial roadmap, Hong Kong is positioning itself as both a testing ground and a bridge for China’s gradual digital asset expansion.
Despite the growing enthusiasm, regulators remain cautious. The Hong Kong Monetary Authority (HKMA) recently issued warnings against unlicensed stablecoin projects falsely claiming official approval. In late September, the HKMA stated it has not yet issued any licenses and urged investors to exercise due diligence.
Authorities reiterated that stablecoin licensing will not commence this year, signaling a measured approach to RMB stablecoin development. This caution reflects lessons learned from unregulated token schemes that have previously undermined investor trust.
Even so, the government’s renewed commitment to RMB stablecoin development suggests a clear policy direction, balancing innovation with oversight. As more institutions apply for licensing and compliance frameworks evolve, Hong Kong could become the first jurisdiction to operationalize an offshore RMB-backed stablecoin ecosystem.
The latest developments underscore Hong Kong’s ambition to reinforce its identity as an international financial hub that embraces innovation without compromising regulatory standards. The potential issuance of RMB-backed stablecoins could enhance cross-border payments, promote renminbi internationalization, and strengthen financial linkages between Hong Kong and the mainland.
As momentum around RMB stablecoin development builds, the city’s dual focus on digital asset infrastructure and prudent governance may set a precedent for other jurisdictions navigating the same balance.
With Chinese state enterprises, policymakers, and regulators now converging on a shared vision, RMB stablecoin development appears to be shifting from policy concept to practical implementation, signaling the next phase of Hong Kong’s fintech evolution.
