Hong Kong’s Legislative Council on October 13 released a special “Policy Pulse” report spotlighting recent fintech and digital-asset developments, and for the first time since August, the document openly flagged interest in exploring offshore renminbi (RMB)-backed stablecoins, signalling a potential new chapter for the city’s payments and token markets.
The report frames stablecoins, cryptocurrencies, and other Web3 elements as central to a broader technology-driven shift in global finance and notes that Hong Kong is actively promoting fintech innovation to reinforce its role as an international financial hub.
Legislators suggested Beijing’s support could help enable RMB-pegged stablecoins issued from Hong Kong to facilitate faster cross-border settlement and improve payment efficiency.
Interest from large state-owned firms has already surfaced. Media coverage cites PetroChina and the Bank of China among entities that have discussed the possibility of issuing RMB-denominated stablecoins to streamline trade and payments, underlining why LegCo wants a coordinated approach with mainland authorities.
Hong Kong’s legislative momentum follows the Stablecoins Ordinance that came into effect in August 2025 and established a licensing regime under the Hong Kong Monetary Authority (HKMA).
The HKMA has published supervisory guidelines and repeatedly warned the public that no stablecoin licences have yet been granted, urging caution toward unapproved projects. Officials say only a limited number of licences will be issued initially.
If authorised, RMB-backed stablecoins issued in Hong Kong could deepen cross-border trade settlement and strengthen the city’s digital-asset ecosystem.
But policymakers must balance innovation with reserve-asset rules, AML/CFT safeguards, and potential geopolitically sensitive implications of issuing RMB-pegged tokens outside the mainland, a coordination challenge that LegCo and the HKMA appear intent on managing before licences are granted.