The new regulations for Hong Kong stablecoins are coming, and the CNH stablecoin will advance its globalization in three stages.

The Economic Observer’s article “How to Break the Hong Kong Trial of Offshore RMB Stablecoins”, which pointed out that the Hong Kong Stablecoin Ordinance to be implemented in August may indicate that the trial of offshore RMB (CNH) stablecoins is approaching, and the implementation of CNH stablecoins can be carried out in three stages with reference to the experience of the RMB business pilot in 2003: First, the sandbox trial (2025— 2026): Pilot issuance of CNH stablecoin by a Chinese-funded licensed institution for use in the Greater Bay Area trade scenario; Second, regional expansion (2026-2027): access to cross-border projects such as mBridge (multilateral central bank digital currency bridge), and pilot RWA (real-world asset) applications such as bond tokenization; Third, global promotion (from 2028 onwards): Cooperate with international organizations such as the International Monetary Fund (IMF) to develop technical and regulatory standards to promote the CNH stablecoin as a regional commodity pricing tool.