TechFlow news, September 24 — According to the Hong Kong Monetary Authority (HKMA), recent social media claims stating that "the world's first stablecoin pegged to offshore RMB has been issued in Hong Kong" are false. The HKMA has released a clarification statement confirming these reports as fake news.
The Authority reminds the public that the Stablecoin Ordinance will come into effect on August 1, 2025. Any person issuing fiat-backed stablecoins in the course of business in Hong Kong, or actively promoting such issuance to the Hong Kong public, must obtain a stablecoin issuer license from the HKMA.
The HKMA emphasizes that no stablecoin issuer licenses have been issued so far. Therefore, any issuance or promotional activities related to stablecoins are illegal. The HKMA will monitor market activities involving stablecoin transactions and, upon identifying violations of the Stablecoin Ordinance, will consider taking further follow-up actions based on relevant facts and evidence. The public may check the list of licensed issuers on the HKMA's official website.
