Hong Kong Pursues RMB-Backed Stablecoins for Cross-Border Transactions

The Hong Kong Legislative Council has released a report examining the city’s financial landscape and advancements in technology, including the potential use of RMB-backed stablecoins for cross-border payments. The report highlights Hong Kong’s desire to receive support from China’s central government to explore the development of these stablecoins. If approved, they could facilitate faster and more efficient cross-border transactions and digital payments.