On August 1, 2025, Hong Kong’s “Stablecoin Ordinance” will take effect, marking China’s gradual participation in the stablecoin market and its exploration of how to use Hong Kong, an offshore financial center, to promote the internationalization of the RMB through stablecoins. To answer this question, we need to understand, rationally and objectively, the development logic of offshore RMB stablecoins in the context of the current heightened market sentiment.
22 Aug 2025