Hong Kong leans on offshore yuan as stablecoin rollout stalls
- —HKMA raised its RMB Business Facility to 500 billion yuan and extended loan terms to three years
- —Hong Kong offshore yuan lending hit a record 935 billion yuan in 2025
- —A virtual-asset licensing amendment bill will be tabled this year
- —Stablecoin issuer licenses went to HSBC (RedCoin) and Anchorpoint (HKDAP)
Why it matters: Hong Kong is building regulated crypto infrastructure, but its stablecoins are pegged to the Hong Kong dollar rather than the yuan, limiting their role in offshore settlement.
Source: Cryptopolitan