Hong Kong Monetary Authority: Currently no offshore RMB stablecoin is issued in Hong Kong

On September 24, the Hong Kong Monetary Authority (HKMA) issued an official statement clarifying a false rumor that recently circulated on social media. The false information claimed that the world's first stablecoin pegged to the offshore RMB had been officially launched in Hong Kong.

The HKMA clarified that the content was completely false and amounted to a rumor, and warned the public not to believe it. Under the Stablecoin Ordinance, which will come into effect on August 1, 2025, any institution or individual issuing a stablecoin pegged to a fiat currency in the course of business in Hong Kong, or actively promoting such issuance activities to the Hong Kong public, must first obtain a stablecoin issuer license from the HKMA.

The Ordinance aims to regulate the operation of the stablecoin market, protect investor rights, and maintain financial system stability. To date, the HKMA has not granted a stablecoin issuer license to any institution.

Therefore, any unauthorized issuance or promotion of stablecoins in Hong Kong is illegal. The HKMA solemnly urges the public to remain vigilant and carefully discern promotional information related to stablecoins to avoid losses caused by misleading information.

The HKMA stated that it will continue to closely monitor market developments, especially those related to the issuance and trading of stablecoins.

If any suspected violation of the Stablecoin Ordinance is discovered, the HKMA will take necessary follow-up and law enforcement actions in accordance with the law based on the specific facts and evidence to maintain the order and security of Hong Kong's financial market.