China PetroChina Explores Stablecoin Use for Energy Cross-Border Payments

TLDR

• PetroChina plans to use stablecoins for cross-border energy trade, starting with Hong Kong’s framework.

• Ripple’s RLUSD expands with Tazapay, fueling stablecoin adoption in Singapore and Japan.

• China is exploring yuan-backed stablecoins to boost international currency use.

• Hong Kong’s stablecoin regulations may reshape cross-border transaction execution.

PetroChina, one of China’s largest state-owned energy companies, is exploring the use of stablecoins for cross-border energy trade settlements. This announcement follows recent developments in Hong Kong, where regulatory frameworks for stablecoin issuers are being established. PetroChina’s Chief Financial Officer revealed the company is studying the feasibility of adopting stablecoins to enhance its international transaction efficiency.

The interest in stablecoins comes as Hong Kong accelerates its efforts to create a stable and compliant environment for digital currencies. The Hong Kong Monetary Authority’s (HKMA) recent regulations, which require stablecoin issuers to apply for licenses, are expected to lay the groundwork for PetroChina’s potential use of stablecoins in cross-border payments.

China Growing Interest in Stablecoin Innovation

The interest in stablecoins in China has intensified as the country evaluates how digital assets could enhance its cross-border payment systems. Following successful pilot programs in Shenzhen, where stablecoin exchanges reduced exchange rate losses, PetroChina is now considering applying similar technologies to energy trade settlements.

The company’s shift comes amid speculation that China could introduce yuan-backed stablecoins, expanding the reach of the digital yuan for international transactions.

This move would be significant for global trade, as it could reduce currency volatility and offer a more efficient settlement process. Despite the promising potential, former People’s Bank of China (PBOC) Governor Zhou Xiaochuan has expressed concerns about the stability risks that stablecoins could introduce to China’s financial system.

Ripple RLUSD Expands in Singapore and Japan

Ripple’s RLUSD stablecoin has seen rapid adoption in Asia. The company’s partnership with fintech firm Tazapay in Singapore has accelerated the use of RLUSD, with Tazapay’s $10 billion annual payment volume.

The platform now supports both virtual bank accounts and stablecoin transactions, positioning itself as a major player in the region’s growing stablecoin ecosystem. Ripple’s existing licenses with the Monetary Authority of Singapore further strengthen the partnership.

In addition to Singapore, Ripple has also expanded RLUSD into Japan, partnering with SBI Holdings to integrate the stablecoin into its platform. The move into Japan marks another significant milestone for Ripple, as the company continues to expand its reach in Asia, bolstering its position in the global stablecoin market.

Hong Kong Stablecoin Regulations Impact Cross-Border Payments

Hong Kong’s new stablecoin regulations, implemented in August 2025, are expected to reshape cross-border transactions across the region. Under these regulations, all institutions issuing or promoting stablecoins must apply for licenses and meet stringent capital requirements.

This legal framework is creating a favorable environment for stablecoin adoption, particularly for businesses involved in cross-border trade like PetroChina.

The shift toward digital currencies for international transactions as a result is gaining momentum, with traditional industries, including energy, looking at blockchain for more efficient and cost-effective solutions. As more companies explore stablecoins, Hong Kong’s stablecoin regulatory framework will likely play a pivotal role in shaping the future of global payments.

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