HKMA: Issuing RMB Stablecoins Requires Approval from Mainland Regulators

HKMA: Stablecoin Issuers Can Choose Currency, But Mainland Approval Needed for RMB

Stablecoin issuers in Hong Kong can choose which currency to issue, but launching a renminbi stablecoin would require approval from mainland regulators, according to HKMA Deputy Chief Executive Arthur Yuen. "It's mainly up to the applicant's own choice," he said. "First launching a HKD stablecoin, and later issuing other currencies including RMB, is permitted under Hong Kong's system, but applicants would also need approval from mainland regulatory authorities."

As for when the second batch of stablecoin issuer licenses will be issued, Yuen said there is no timeline yet, though the HKMA has been in communication with potential applicants. Separately, HSBC's stablecoin will be integrated into the PayMe and HSBC HK App, supporting real-time peer-to-peer transfers and person-to-merchant (P2M) services.