BlockBeats News, March 25 — Hong Kong Financial Secretary Paul Chan introduced the development of Hong Kong’s stablecoins and digital renminbi, stating:
The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are working closely to optimize the arrangements for digital renminbi. Currently, the mainland operational institutions responsible for managing digital currency wallets have increased from four to five, and the number of local Hong Kong banks participating in the “FPS” (Faster Payment System) for value-added digital wallets has grown from 17 to 18. The number and usage of digital currency wallets opened with Hong Kong mobile numbers are steadily increasing. According to PBOC data, as of the end of January 2026, approximately 80,000 digital currency wallets have been registered. The HKMA and local banks have been actively promoting the application of digital renminbi in Hong Kong. Currently, the number of local merchants accepting digital renminbi has increased from about 300 to approximately 5,200, including chain retail stores, hotels, travel agencies, restaurants, convenience stores, and supermarkets.
The PBOC and HKMA are exploring upgrades to digital currency wallets, including arrangements and feasibility, to increase wallet usage limits, expand application scenarios, and improve user experience. As policy and technical details still require in-depth discussion, specific plans and timelines are yet to be finalized.
Stablecoins, central bank digital currencies (such as digital renminbi), and other innovative payment tools—including tokenized deposits and cross-border fast payment systems—have the potential to be applied in transaction settlement, local or cross-border payments, provided they comply with relevant laws and regulations. These payment tools each have their own characteristics and varying levels of maturity, and their future development largely depends on market forces. Governments and financial regulators will continue exploring the potential and application scenarios of various new payment tools to better leverage their synergistic effects and address more pain points in the real economy.
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