China Petroleum Investigates Stablecoins for Cross-Border Transactions

China Petroleum, a major player in the Chinese energy sector, has indicated its interest in utilizing stablecoins for cross-border payments. The company’s Chief Financial Officer and Board Secretary, Wang Hua, disclosed this during a recent performance conference hosted by Foresight News. He highlighted China Petroleum’s active engagement with the Hong Kong Monetary Authority’s (HKMA) initiative to issue licenses for stablecoin issuers. As such, the company intends to explore the potential of incorporating stablecoins into its cross-border settlement and payment processes.