A new wave of policy thinking may put Hong Kong at the center of China’s cross-border stablecoin ambitions. With Hong Kong's new stablecoin legislation officially in effect, global observers are paying close attention to the city’s potential to host the world’s first offshore RMB stablecoin — a bold move that could reshape the global digital payment landscape.

Hong Kong's Legal Framework Opens the Door

A recent Morgan Stanley report highlights how Hong Kong's new regulatory regime has paved a legitimate path for offshore RMB stablecoins, supported by a vast offshore RMB liquidity pool of nearly RMB 1 trillion. This could allow real-world testing of RMB in cross-border settlements — all while staying clear of mainland capital control restrictions.

A National Strategy? Beijing Sees the Value

Li Yang, Chairman of the National Institution for Finance & Development and a senior member of the Chinese Academy of Social Sciences, argues that stablecoins are the blockchain extension of the U.S. dollar. He stresses that China must accelerate RMB internationalization — and Hong Kong, with its unique position, should be leveraged to develop offshore RMB stablecoins and create a controllable international payment channel.

“We already have legal space,” says Hong Kong's treasury chief

Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, noted that existing legislation does not rule out stablecoins pegged to the RMB — as long as risks and monetary policy implications are carefully evaluated.

The Bigger Picture: Stablecoins as Modern Financial Infrastructure

As traditional giants and governments race to define the future of money, stablecoins are evolving from niche crypto tools to strategic monetary infrastructure. Some experts see CNH stablecoins as a digital-era extension of Hong Kong's long-standing role in RMB internationalization — potentially building an alternative track outside of the SWIFT system.

Is this Hong Kong's moment to shape the next chapter of global payments — and become a key node in the RMB's digital future?