Hong Kong's "Stablecoin Regulation" officially came into effect on May 30. Prior to this, on May 20, the United States passed the "Guiding and Establishing National Innovation Act for Stablecoins" (GENIUS Act). These two events are not coincidental, but rather reflect rule reshaping and strategic preemption in the international digital currency competition.
Facing the global trend of digital asset regulation evolving from disorder to rule formation, Hong Kong quickly responded, establishing a legal closed loop in an institutional vacuum, which may signal the gradual approach of an offshore RMB (CNH) stablecoin—making the digital path of RMB internationalization increasingly clear and feasible.
Although CNH stablecoin has not yet been launched, the "Stablecoin Regulation" has opened up institutional imagination space. If Hong Kong leads the pilot of CNH stablecoin, it may open a new digital path for RMB internationalization and become a key pivot in reconstructing cross-border payment systems.
Whether from historical references, institutional breakthroughs, or the practical needs of RMB internationalization's digital upgrade, the reshaping effect of stablecoins in cross-border payments can no longer be ignored. As a modern monetary tool that integrates currency attributes and international payment functions, stablecoins are not only an indispensable infrastructure in the digital economy era but can even become a tool for rule gaming.
Do you remember the personal RMB business pilot launched by Hong Kong in 2003?
That pilot laid the institutional foundation for RMB cross-border trade settlement in 2009. Today, Hong Kong once again stands at the crossroads of RMB internationalization. CNH stablecoin may become the next breakthrough in digital finance, ushering in the 2.0 era of the "Hong Kong experience".
The core experience of the successful pilot back then was the "regulatory closed loop + market-driven transmission" mechanism: the mainland used Bank of China Hong Kong as a clearing hub, transmitting regulatory requirements to Hong Kong's banking system through commercial agreements, respecting market autonomy while ensuring system safety. This layered regulatory framework may provide a practical reference for today's stablecoin experiments.
Now, the "Stablecoin Regulation" reserves policy space for non-HKD legal currencies like RMB through flexible clauses, but specific implementation requires individual approval from the Hong Kong Monetary Authority, with only HKD stablecoin issuance currently under mandatory supervision. Hong Kong is exploring the integration of RTGS (Real-Time Gross Settlement) system and on-chain clearing, and its "regulatory sandbox + layered opening" model has consolidated digital currency innovation advantages through controlled trial and error.
If CNH stablecoin is viewed as an institutional entry point for RMB internationalization, it not only has the potential to supplement CIPS (Cross-Border Interbank Payment System) but also aims to build an independent RMB channel outside the SWIFT system. In the technological race of global payment networks, Hong Kong is trying to construct a digital "maritime outlet" for RMB.
This direction has been confirmed by policy signals. On May 19, People's Bank of China Governor Pan Gongsheng stated at a financial support symposium: "Orderly promote RMB international usage and improve trade and investment facilitation." This latest description of RMB internationalization may reflect further policy refinement, emphasizing the practical application of RMB in specific scenarios.
Currently, RMB internationalization faces challenges such as insufficient cross-border payment efficiency and offshore market liquidity fragmentation, which stablecoins may help resolve. For example, efficiency improvement—settlement costs can be reduced to 1/10 of traditional systems, with transaction time shortened from T+1 to real-time, particularly suitable for small and medium-sized trade in the "Belt and Road"; liquidity optimization—automatic redemption through smart contracts can enhance the utilization rate of the 1.2 trillion offshore RMB fund pool; and geopolitical avoidance—stablecoins not dependent on SWIFT can potentially build new clearing infrastructure outside the US dollar financial network.
Referencing the 2003 RMB business pilot experience, CNH stablecoin implementation can be advanced in three stages:
First, sandbox testing (2025-2026): Chinese-funded licensed institutions pilot CNH stablecoin issuance for Greater Bay Area trade scenarios; second, regional expansion (2026-2027): accessing cross-border projects like mBridge, covering RCEP settlement, and piloting RWA (Real World Assets) applications such as bond tokenization; third, global promotion (from 2028): collaborating with international organizations like IMF to establish technical and regulatory standards, promoting CNH stablecoin as a regional commodity pricing tool.
22 years ago, Hong Kong opened the "experimental field" for RMB cross-border circulation; today, can it once again lead in the digital currency revolution? The answer depends on two aspects: first, whether it can successfully replicate the "regulatory penetration + market selection" collaborative mechanism; second, whether it can seize the strategic window of rule reshaping and financial infrastructure construction.
If successful, CNH stablecoin will not only be a new channel for RMB internationalization but may also become a digital paradigm of China's institutional opening. It is both a digital bridge for RMB's international advancement and a key step for China to preempt the global monetary order reconstruction.
From personal RMB accounts to smart contract stablecoins, Hong Kong is changing, the world is changing, and the path of RMB internationalization is adapting accordingly. What remains unchanged is the logic of institutional opening: promoting "soft connectivity" through rule alignment and activating "strategic initiative" through technological experimentation. Starting with the "Stablecoin Regulation", Hong Kong is attempting to provide a Chinese-style answer in this digital finance grand examination.
