Hong Kong Proposes Offshore RMB Stablecoin Support to Boost Fintech Industry

The Hong Kong Legislative Council (LegCo) has announced plans to advocate for the development of offshore RMB-backed stablecoins as part of its digital finance strategy. This initiative aims to position Hong Kong as a global fintech hub, potentially transforming international finance and attracting significant interest from tech giants and government entities. 2025 marks a pivotal year with LegCo requesting support from the Chinese central government to facilitate this endeavor.