The buzz around the Stablecoins continues, and now a large Chinese energy company shows interest in their use in international trade. Petrochina, a subsidiary of China National Petroleum Corporation, closely follows developments in Hong Kong while it is considering the potential of stablecoins for cross -border payments.
In short
- Petrochina shows interest in using stablecoins in cross -border oil transactions.
- A digital yuan could be more integrated into international energy and payment systems.
Petrochina signals his interest in stablecoins backed by yuan
Wang Hua, the financial director and secretary of the company's board of directors, stressed this interest in the semi -annual financial results of Petrochina, indicating that the company could explore the use of digital currencies for settlement purposes.
This approach reflects a broader effort to promote the international use of the Yuan. Historically, oil trade has been dominated by the US dollar. The adoption of a stablecoin backed by the Yuan could allow China to settle transactions more effectively in its own currency, supporting the growing role of the Yuan on the global energy markets.
The Hong Kong License Cadre
Hong Kong recently set up a new prescription on Stablecoins, effective since August 1, which establishes the rules for the issue and regulation of digital currencies.
In addition, the Hong Kong Monetary Authority (HKMA) has introduced a license framework that would apply to institutions wishing to issue or support stablecoins. Companies that feel ready can submit their requests early, with A target date of September 30, 2025for a priority review.
Several Chinese companies, including JD.com and Ant Group, have expressed their interest in the issue of digital tokens backed by Yuan and could participate as soon as the license is available.
Digital currency backed by yuan in oil trade
Wang Hua's declaration could be interpreted as indicating the potential interest of Petrochina to become a stablecoin transmitter. If a large energy company such as Petrochina adopts stablecoins for cross -border transactions, this could make international payments more effective.
China regulates an increasing part of its energy trade in Yuan, a system sometimes called the “Petro-Yuan”. Trade with Russia, for example, was based strongly on local currencies such as yuan and ruble, with 2024 seeing the majority of transactions made in these currencies.
The use of a digital version of the Yuan for these exchanges could integrate it more into international energy markets and support the development of digital payments.
Stablecoins under surveillance while China envisages their future use
Despite the growing interest in stablecoins, Chinese regulators adopt a cautious approach:
- In early August, stablecoins renminbi have been tested to explore means to reduce dependence on the US dollar.
- Shortly after, the Chinese regulators asked the main national brokers to suspend research promoting stablecoins.
- This measure aims to brake the growing interest in digital currency among local investors.
However, China has not completely abandoned this idea. According to Reuters, the Council of State is expected to discuss the expansion of the use of stablecoins backed by the Yuan at the next summit of the Shanghai Cooperation Organization (OCS). Such a measure could bring clarity on the regulatory framework of this digital asset and its potential role in cross -border trade.
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