China is cautiously laying out stablecoin strategies with Hong Kong as a testing ground, with Conflux and ChainMaker as potential infrastructure options.China's financial regulatory authorities are closely monitoring the global stablecoin dynamics. Recently, they convened cryptocurrency experts to discuss strategies for adapting to national conditions, emphasizing the need to comply with capital flow management requirements. Hong Kong, as a policy testing ground, has legislated to allow licensed institutions to issue fiat-collateralized stablecoins, initially opening licenses only to a few major state-owned banks. Regulators are concerned that USD stablecoins enhance the dominance of the US dollar, but state-owned enterprises are increasingly interested in stablecoin payment settlements, with several central enterprises in Hong Kong applying for licenses. The offshore RMB stablecoin is also under consideration. Industry analysis points out that the public blockchain Conflux (CFX), due to its compliant status and adaptability to international standards, may become the preferred underlying for stablecoins; while the Chang'an Chain (ChainMaker), despite receiving policy support, may restrict cross-border applications due to its consortium blockchain architecture.
MarketWhisper·2025-08-07 06:23