Following the current regulatory developments in Hong Kong, Asia’s largest oil and gasoline producer, PetroChina, is reportedly evaluating the adoption of stablecoins for cross-border funds.
PetroChina Considers Stablecoin Adoption
On Friday, native information media retailers reported that PetroChina, the listed arm of state-owned China Nationwide Petroleum Company (CNPC), will discover cross-border settlement and funds utilizing stablecoins.
In accordance with the reviews, Wang Hua, Chief Monetary Officer (CFO) and Board Secretary of PetroChina, disclosed through the half-year assembly that the corporate is intently monitoring the newest developments relating to the Hong Kong Financial Authority’s (HKMA) Stablecoin Ordinance.
In Could, Hong Kong’s Legislative Council formally handed the brand new Stablecoins Ordinance, directing any particular person or entity looking for to concern a fiat-referenced stablecoin (FRS) within the jurisdiction, or any Hong Kong Greenback (HKD)-pegged token, to acquire a license from the HKMA.
The ordinance, enacted on August 1, goals to strengthen regulatory oversight on the digital property trade, whereas fostering innovation and “accountable, sustainable” growth. Underneath the brand new framework, licensed entities are allowed to supply FRS in Hong Kong. In the meantime, retail traders can entry the tokens issued solely by these certified establishments.
Hong Kong’s Monetary Secretary, Paul Chan Mo-po, beforehand famous that stablecoins, “significantly when it’s referenced to fiat currencies, (have) many use case eventualities,” together with cross-border funds to reinforce effectivity and scale back prices.
PetroChina will reportedly provoke a viability examine on using stablecoins for cross-border settlement and funds, marking the Chinese language vitality large’s entry into the digital property panorama beneath Hong Kong’s new regulatory framework.
HK, China Crypto Panorama
Because the report famous, Wang Hua didn’t disclose a selected timeline, solely stating that the corporate would “intently monitor coverage developments and construct technical capabilities.” This might counsel that PetroChina’s stablecoin exploration stays within the analysis part.
It’s value noting that the HKMA established a six-month transition interval and inspired establishments to submit functions earlier than September 30. Hong Kong’s Monetary Secretary has acknowledged that regulators obtained a number of functions from entities looking for to change into certified issuers.
Earlier reviews revealed that a number of corporations have utilized for the HKMA license forward of the ordinance enactment, together with logistics know-how agency Reitar Logtech and the abroad arm of Chinese language mainland monetary know-how large Ant Group.
In the meantime, e-commerce large JD.com, by its fintech arm JD Coinlink, was testing HKD-pegged tokens beneath the regulator’s sandbox program earlier this yr. Regardless of Hong Kong’s crypto push, authorities have warned in regards to the extreme hype out there and public opinion, elevating issues over a creating development towards hypothesis because the market has change into “overly enthusiastic.”
Equally, Chinese language regulators have allegedly instructed corporations to halt promotions and analysis publications associated to stablecoins amid issues that the rising curiosity within the sector might allow the digital asset to be exploited as a brand new instrument for fraudulent actions.
Nonetheless, Eric Trump, son of US President Donald Trump, not too long ago highlighted China’s function within the crypto trade. At Bitcoin Asia 2025, the American businessman affirmed that the nation is a “hell of an influence” within the sector, including that the US and China doubtless understood digital property “higher than anybody else on this planet.”
“There’s no query that China is a hell of an influence on the subject of this world,” Trump stated, stating that he would love for President Trump and his Chinese language counterpart, Xi Jinping, to speak about Bitcoin.
Bitcoin’s efficiency within the one-week chart. Supply: BTCUSDT on TradingView
Featured Picture from Unsplash.com, Chart from TradingView.com
Editorial Course of for bitcoinist is centered on delivering totally researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent assessment by our workforce of high know-how specialists and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.
