The Hong Kong Stablecoin Ordinance, expected to be enacted in August, may pave the way for the trial of offshore RMB (CNH) stablecoins, according to the Economic Observer. Drawing from the 2003 RMB business pilot, the implementation is proposed in three stages. Initially, from 2025 to 2026, sandbox trials will allow Chinese licensed institutions to issue CNH stablecoins for trade in the Greater Bay Area. The second phase, from 2026 to 2027, will see regional expansion, including cross-border projects like mBridge and applications such as bond tokenization. The final phase, starting in 2028, aims for global promotion, collaborating with international bodies like the IMF to establish technical and regulatory standards for CNH stablecoins as regional pricing tools.