China’s National People’s Congress (NPC) is exploring the use of stablecoins for international payments, a move that signals growing interest in digital currencies. The People’s Bank of China (PBOC), under Governor Pan Gongsheng, is spearheading this initiative as a complement to existing central bank digital currencies (CBDCs). The Hong Kong Monetary Authority (HKMA) has implemented a new regulatory framework for stablecoins, attracting over forty applications for authorization from fiat-backed stablecoin issuers. **This framework specifically targets business-to-business (B2B) applications and marks a significant step towards structuring a regulated market for digital currencies in Asia.** Alibaba and JD.com are actively testing these currencies in sandbox environments, highlighting the private sector’s involvement.