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PetroChina, China's largest state-owned energy company, is exploring the use of stablecoins for cross-border settlements, as announced during its semi-annual performance meeting on August 28, 2025. The company is closely monitoring Hong Kong's stablecoin licensing policy and plans to conduct a feasibility study to assess its potential in streamlining international payments. This move marks a historic step for the traditional energy sector, positioning PetroChina as a pioneer in integrating digital assets into its operations.
Hong Kong's "Stablecoin Ordinance," effective August 1, 2025, establishes a robust regulatory framework for fiat-referenced stablecoin issuers, covering issuance, Hong Kong dollar-referenced stablecoins globally, and marketing to the Hong Kong public. The Hong Kong Monetary Authority (HKMA) mandates full reserve asset backing, a minimum paid-up share capital of HK$25 million, localized operations, and compliance with anti-money laundering regulations. This framework aims to foster a secure and innovative environment for stablecoin adoption.
The HKMA plans to issue the first batch of stablecoin licenses in early 2026, adopting a cautious approach with a limited number of approvals. A six-month transitional period allows pre-existing issuers to operate if they apply for a license by October 31, 2025. PetroChina’s interest signals growing institutional confidence in stablecoins, highlighting their potential to transform cross-border transactions in the energy sector.
