PetroChina Eyes Stablecoin Integration As Eric Trump Praises China’s Crypto Power
Following the latest regulatory developments in Hong Kong, Asia’s largest oil and gasoline 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 Nationwide Petroleum Company (CNPC), will discover cross-border settlement and funds utilizing stablecoins.
In accordance with the studies, Wang Hua, Chief Monetary Officer (CFO) and Board Secretary of PetroChina, disclosed through the half-year assembly that the corporate is carefully monitoring the most recent developments relating to the Hong Kong Financial Authority’s (HKMA) Stablecoin Ordinance.
In Might, Hong Kong’s Legislative Council formally passed the brand new Stablecoins Ordinance, directing any particular person or entity looking for to situation a fiat-referenced stablecoin (FRS) within the jurisdiction, or any Hong Kong Greenback (HKD)-pegged token, to acquire a license from the HKMA.
The ordinance, enacted on August 1, goals to strengthen regulatory oversight on the digital property trade, whereas fostering innovation and “accountable, sustainable” growth. Underneath the brand new framework, licensed entities are allowed to supply FRS in Hong Kong. In the meantime, retail buyers can entry the tokens issued solely by these certified establishments.
Hong Kong’s Monetary 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 cut back prices.
PetroChina will reportedly provoke a viability research on the usage of stablecoins for cross-border settlement and funds, marking the Chinese power large’s entry into the digital property panorama underneath Hong Kong’s new regulatory framework.
HK, China Crypto Panorama
Because the report famous, Wang Hua didn’t disclose a particular timeline, solely stating that the corporate would “carefully monitor coverage developments and construct technical capabilities.” This might counsel that PetroChina’s stablecoin exploration stays within the analysis section.
It’s price noting that the HKMA established a six-month transition interval and inspired establishments to submit purposes earlier than September 30. Hong Kong’s Monetary Secretary has said that regulators obtained a number of purposes from entities looking for to grow to be certified issuers.
Earlier studies revealed that a number of firms have utilized for the HKMA license forward of the ordinance enactment, together with logistics expertise agency Reitar Logtech and the abroad arm of Chinese language mainland monetary expertise large Ant Group.
In the meantime, e-commerce large JD.com, by its fintech arm JD Coinlink, was testing HKD-pegged tokens underneath the regulator’s sandbox program earlier this 12 months. Regardless of Hong Kong’s crypto push, authorities have warned concerning the extreme hype available in the market and public opinion, elevating considerations over a growing development towards hypothesis because the market has grow to be “overly enthusiastic.”
Equally, Chinese language regulators have allegedly instructed companies to halt promotions and analysis publications associated to stablecoins amid considerations that the rising curiosity within the sector might allow the digital asset to be exploited as a brand new instrument for fraudulent actions.
Nonetheless, Eric Trump, son of US President Donald Trump, not too long ago highlighted China’s position within the crypto trade. 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 probably understood digital property “higher than anybody else on this planet.”
“There’s no query that China is a hell of an influence in terms of this world,” Trump mentioned, stating that he would love for President Trump and his Chinese language counterpart, Xi Jinping, to speak about Bitcoin.
