The Hong Kong Legislative Council has released a report indicating plans to develop offshore RMB-backed stablecoins, seeking support from the central government. This initiative aims to enhance cross-border trade and payment efficiency. Major Chinese state-owned enterprises, including PetroChina and the Bank of China, have shown interest in acquiring stablecoin licenses. The report also discusses recent advancements in fintech and digital assets, highlighting proposed amendments to the Stablecoin Ordinance effective from August 1, 2025. Despite receiving multiple applications for stablecoin licenses, the Hong Kong Monetary Authority has cautioned investors about unapproved projects and confirmed that it will not issue any licenses this year.