PANews reported on September 24th that the Hong Kong Monetary Authority (HKMA) warned that recent social media reports claiming the world's first stablecoin pegged to the offshore renminbi has been issued in Hong Kong are false. The Stablecoin Ordinance, which officially came into effect on August 1, 2025, requires anyone issuing a fiat-denominated stablecoin in Hong Kong during the course of their business, or actively promoting such issuance to the Hong Kong public, to obtain a Stablecoin Issuer License from the HKMA.

Please note that the HKMA has not yet issued any stablecoin issuer licenses. Therefore, any activity related to the issuance or promotion of stablecoins is illegal. If you are approached by someone promoting stablecoins, please remain vigilant. The HKMA will monitor market activity involving stablecoins and, if we identify any suspected violations of the Stablecoins Ordinance, we will consider taking further action based on the relevant facts and evidence.