Hong Kong warns on unapproved yuan stablecoins as frenzy grows

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The Hong Kong Monetary Authority (HKMA) warned that no stablecoins pegged to the offshore yuan have been approved in the city.

The regulator clarified on WeChat after social media posts claimed a yuan stablecoin had launched in Hong Kong.

HKMA said it has not licensed any stablecoin issuers and labeled related activities illegal.

Hong Kong introduced new rules in August 2025 requiring stablecoin issuers to meet strict standards for legal operations.

Despite rising interest in stablecoins and tokenization, some firms have slowed projects as regulators in Hong Kong and China tighten oversight.

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