Following the current regulatory developments in Hong Kong, Asia’s largest oil and fuel 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 National Petroleum Corporation (CNPC), will discover cross-border settlement and funds utilizing stablecoins.
According to the stories, Wang Hua, Chief Financial Officer (CFO) and Board Secretary of PetroChina, disclosed through the half-year assembly that the corporate is carefully monitoring the newest developments concerning the Hong Kong Monetary Authority’s (HKMA) Stablecoin Ordinance.
In May, Hong Kong’s Legislative Council formally handed the brand new Stablecoins Ordinance, directing any particular person or entity searching for to situation a fiat-referenced stablecoin (FRS) within the jurisdiction, or any Hong Kong Dollar (HKD)-pegged token, to acquire a license from the HKMA.
The ordinance, enacted on August 1, goals to bolster regulatory oversight on the digital property business, whereas fostering innovation and “accountable, sustainable” improvement. Under the brand new framework, licensed entities are allowed to supply FRS in Hong Kong. Meanwhile, retail traders can entry the tokens issued solely by these certified establishments.
Hong Kong’s Financial Secretary, Paul Chan Mo-po, beforehand famous that stablecoins, “notably 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 research on using stablecoins for cross-border settlement and funds, marking the Chinese vitality big’s entry into the digital property panorama underneath Hong Kong’s new regulatory framework.
HK, China Crypto Landscape
As the report famous, Wang Hua didn’t disclose a selected timeline, solely stating that the corporate would “carefully monitor coverage developments and construct technical capabilities.” This may recommend that PetroChina’s stablecoin exploration stays within the analysis part.
It’s price noting that the HKMA established a six-month transition interval and inspired establishments to submit functions earlier than September 30. Hong Kong’s Financial Secretary has acknowledged that regulators acquired a number of functions from entities searching for to change into certified issuers.
Previous stories 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 mainland monetary know-how big Ant Group.
Meanwhile, e-commerce big JD.com, by way of its fintech arm JD Coinlink, was testing HKD-pegged tokens underneath the regulator’s sandbox program earlier this yr. Despite Hong Kong’s crypto push, authorities have warned in regards to the extreme hype out there and public opinion, elevating issues over a growing pattern towards hypothesis because the market has change into “overly enthusiastic.”
Similarly, Chinese regulators have allegedly instructed companies to halt promotions and analysis publications associated to stablecoins amid issues that the rising curiosity within the sector may allow the digital asset to be exploited as a brand new software for fraudulent actions.
Nonetheless, Eric Trump, son of US President Donald Trump, lately highlighted China’s position within the crypto business. 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 the earth.”
“There’s no query that China is a hell of an influence in the case of this world,” Trump mentioned, stating that he would love for President Trump and his Chinese counterpart, Xi Jinping, to speak about Bitcoin.
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