TechFlow News, April 16: According to The Block, Circle CEO Jeremy Allaire stated in an interview with Reuters that there is a “tremendous opportunity” for a renminbi (RMB)-backed stablecoin. If Chinese authorities aim to enhance the RMB’s global competitiveness, stablecoins will serve as a critical technological tool for currency internationalization. Allaire predicted that China may launch an RMB-backed stablecoin within the next three to five years.
Notably, the People’s Bank of China (PBOC) and multiple other regulatory bodies explicitly prohibited, in February 2026, the issuance of RMB-backed stablecoins overseas without prior regulatory approval. In contrast, Hong Kong’s regulatory stance is markedly different: last week, the Hong Kong Monetary Authority (HKMA) issued the first stablecoin licenses to HSBC and Anchorpoint Financial—a joint venture among Standard Chartered, Animoca Brands, and HKT.
