Following the recent regulatory developments in Hong Kong, Asia’s largest oil and gas producer, PetroChina, is reportedly evaluating the adoption of stablecoins for cross-border payments.
PetroChina Considers Stablecoin Adoption
On Friday, local news media outlets reported that PetroChina, the listed arm of state-owned China National Petroleum Corporation (CNPC), will explore cross-border settlement and payments using stablecoins.
According to the reports, Wang Hua, Chief Financial Officer (CFO) and Board Secretary of PetroChina, disclosed during the half-year meeting that the company is closely monitoring the latest developments regarding the Hong Kong Monetary Authority’s (HKMA) Stablecoin Ordinance.
In May, Hong Kong’s Legislative Council officially passed the new Stablecoins Ordinance, directing any individual or entity seeking to issue a fiat-referenced stablecoin (FRS) in the jurisdiction, or any Hong Kong Dollar (HKD)-pegged token, to obtain a license from the HKMA.
The ordinance, enacted on August 1, aims to reinforce regulatory oversight on the digital assets industry, while fostering innovation and “responsible, sustainable” development. Under the new framework, licensed entities are allowed to offer FRS in Hong Kong. Meanwhile, retail investors can access the tokens issued only by these qualified institutions.
Hong Kong’s Financial Secretary, Paul Chan Mo-po, previously noted that stablecoins, “particularly when it is referenced to fiat currencies, (have) many use case scenarios,” including cross-border payments to enhance efficiency and reduce costs.
PetroChina will reportedly initiate a viability study on the use of stablecoins for cross-border settlement and payments, marking the Chinese energy giant’s entry into the digital assets landscape under Hong Kong’s new regulatory framework.
HK, China Crypto Landscape
As the report noted, Wang Hua didn’t disclose a specific timeline, only stating that the company would “closely monitor policy developments and build technical capabilities.” This could suggest that PetroChina’s stablecoin exploration remains in the research phase.
It’s worth noting that the HKMA established a six-month transition period and encouraged interested institutions to submit applications before September 30. Hong Kong’s Financial Secretary has stated that regulators received several applications from entities seeking to become qualified issuers.
Previous reports revealed that multiple companies have applied for the HKMA license ahead of the ordinance enactment, including logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.
Meanwhile, e-commerce giant JD.com, through its fintech arm JD Coinlink, was testing HKD-pegged tokens under the regulator’s sandbox program earlier this year. Despite Hong Kong’s crypto push, authorities have warned about the excessive hype in the market and public opinion, raising concerns over a developing trend toward speculation as the market has become “overly enthusiastic.”
Similarly, Chinese regulators have allegedly instructed firms to halt promotions and research publications related to stablecoins amid concerns that the growing interest in the sector could enable the digital asset to be exploited as a new tool for fraudulent activities.
Nonetheless, Eric Trump, son of US President Donald Trump, recently highlighted China’s role in the crypto industry. At Bitcoin Asia 2025, the American businessman affirmed that the country is a “hell of a power” in the sector, adding that the US and China likely understood digital assets “better than anyone else in the world.”
“There’s no question that China is a hell of a power when it comes to this world,” Trump said, stating that he would love for President Trump and his Chinese counterpart, Xi Jinping, to talk about Bitcoin.
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