In light of recent shifts in monetary policy, Asia’s leading oil and gas titan, PetroChina, is contemplating the integration of stablecoins for its international transactions.
PetroChina Explores Stablecoin Integration
Recent reports surfaced on Friday from local news agencies, detailing that PetroChina, part of the state-supported China National Petroleum Corporation (CNPC), is investigating the possibility of utilizing stablecoins for cross-border payments.
During a recent half-year financial briefing, CFO Wang Hua revealed that the firm is closely examining the implications of the Hong Kong Monetary Authority’s (HKMA) Stablecoin Ordinance, a move aimed at shaping the future of digital finance.
In May, the Legislative Council of Hong Kong officially approved a new ordinance governing stablecoins, requiring any individual or organization intending to issue a fiat-backed stablecoin (FRS) or any HKD-pegged digital currency to secure a license from the HKMA.
This regulatory framework, enacted on August 1, aims to enhance oversight in the digital asset sector, while promoting innovation and a vision of “responsible and sustainable” development. Entities that obtain a license will be permitted to offer FRS in Hong Kong, allowing retail investors limited access to tokens issued by verified organizations.
Paul Chan Mo-po, Hong Kong’s Financial Secretary, indicated that stablecoins, especially those tethered to fiat currencies, offer various application opportunities, such as improving cross-border payment efficiency and reducing transactional costs.
PetroChina’s steps towards a feasibility study on stablecoin use for international settlements mark a significant entry into the digital asset ecosystem, aligning with Hong Kong’s evolving regulatory landscape.
The Evolving Crypto Landscape in Hong Kong and China
Wang Hua did not specify a timeline for implementation, suggesting that PetroChina is in the preliminary stages of its research. The HKMA has initiated a six-month transition phase, inviting interested entities to submit applications prior to September 30. Multiple firms have expressed interest in securing licensing from the regulators.
Reports have unveiled that several companies, including Reitar Logtech and Ant Group’s foreign division, have sought HKMA licenses before the official enactment of the ordinance.
Notably, e-commerce heavyweight JD.com, through its fintech division JD Coinlink, has been experimenting with HKD-pegged tokens as part of the regulator’s sandbox initiative earlier this year. Despite the progressive shift in Hong Kong towards crypto innovation, officials have raised alarms regarding rampant speculation and the hype surrounding digital assets.
Similarly, Chinese authorities have reportedly urged companies to pause promotional activities and research related to stablecoins due to concerns that increasing interest could facilitate their use in fraudulent schemes.
Nonetheless, at Bitcoin Asia 2025, Eric Trump underscored China’s significant influence in the crypto sector. He stated that both the US and China possess profound understanding of digital assets, highlighting China’s prowess in this arena.
“China is indeed a formidable player in the crypto landscape,” Trump remarked, expressing hope for a dialogue between President Trump and President Xi Jinping regarding the implications of Bitcoin for their two countries.
