PetroChina, one of China's largest state-owned energy companies, is studying the feasibility of using stablecoins for cross-border energy trade settlements, as announced by Chief Financial Officer Wang Hua during a semi-annual earnings conference in Hong Kong.
This move is influenced by Hong Kong's new regulatory framework, implemented in August 2025, which requires stablecoin issuers to obtain licenses and meet capital requirements, creating a compliant environment for digital currencies.
Simultaneously, Ripple's RLUSD stablecoin is expanding in Asia through partnerships with Tazapay in Singapore—leveraging Tazapay's $10 billion annual payment volume—and SBI Holdings in Japan, enhancing its adoption in the region.
China is also evaluating yuan-backed stablecoins to boost the international use of the digital yuan, reduce currency volatility, and improve settlement efficiency, following successful pilots in Shenzhen that minimized exchange rate losses.
However, former People's Bank of China Governor Zhou Xiaochuan has raised concerns about potential stability risks to China's financial system from stablecoin adoption.
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