• Hong Kong’s Stablecoin Bill takes effect August 1, with strict licensing requirements for RMB-backed stablecoin issuers.
• JD.com and Ant Group lead RMB stablecoin plans, aligning with Beijing’s push for offshore RMB internationalization.
• Experts see stablecoins aiding trade settlement, but trust issues and geopolitical risks could slow RMB adoption globally.

An offshore renminbi (RMB) stablecoin is advancing rapidly as Hong Kong implements its new stablecoin ordinance. This comes as Chinese tech firms like JD.com and Ant Group are lobbying to issue a CNH-backed stablecoin from the city.

The Hong Kong Legislative Council passed its Stablecoin Bill on May 21, with the law officially taking effect on August 1. The HKMA will now license issuers under strict requirements, including full reserve backing and anti-money laundering compliance. While over 40 firms have applied, officials have signaled that only a limited number of licenses will be granted initially.

Experts view a CNH stablecoin as part of China’s dual-track strategy: advancing the digital yuan domestically while promoting the RMB’s use offshore. Former PBoC Governor Zhou Xiaochuan previously war…

The post China’s Plan to Fight Dollar Dominance Begins in Hong Kong on August 1 appeared first on Coin Edition.

• Hong Kong’s Stablecoin Bill takes effect August 1, with strict licensing requirements for RMB-backed stablecoin issuers.
• JD.com and Ant Group lead RMB stablecoin plans, aligning with Beijing’s push for offshore RMB internationalization.
• Experts see stablecoins aiding trade settlement, but trust issues and geopolitical risks could slow RMB adoption globally.

An offshore renminbi (RMB) stablecoin is advancing rapidly as Hong Kong implements its new stablecoin ordinance. This comes as Chinese tech firms like JD.com and Ant Group are lobbying to issue a CNH-backed stablecoin from the city.

The Hong Kong Legislative Council passed its Stablecoin Bill on May 21, with the law officially taking effect on August 1. The HKMA will now license issuers under strict requirements, including full reserve backing and anti-money laundering compliance. While over 40 firms have applied, officials have signaled that only a limited number of licenses will be granted initially.

Experts view a CNH stablecoin as part of China’s dual-track strategy: advancing the digital yuan domestically while promoting the RMB’s use offshore. Former PBoC Governor Zhou Xiaochuan previously war…

The post China’s Plan to Fight Dollar Dominance Begins in Hong Kong on August 1 appeared first on Coin Edition.