On November 28, the People’s Bank of China (PBOC) took the lead and, together with multiple departments, sent an important signal to the public: the mainland has officially brought “stablecoins” into the regulatory framework for “virtual currencies/virtual assets.”

Meanwhile, under the leadership of the Hong Kong Monetary Authority (HKMA), the Stablecoin Regulation will take effect on August 1, 2025, establishing a statutory licensing regime for stablecoins in Hong Kong. The differing approaches to the same matter in the two regions reflect important institutional logic: the mainland emphasizes security and stability, while Hong Kong focuses on openness and pilot programs.