China’s state-owned energy giant PetroChina is evaluating the use of stablecoins for cross-border trade settlements, marking a potential shift in Beijing’s approach to digital finance. At the same time, Ripple’s RLUSD stablecoin is gaining traction in Singapore through a partnership with fintech firm Tazapay.
During its semi-annual results briefing, PetroChina confirmed it is studying stablecoin models under Hong Kong’s new licensing framework. The company is analyzing how yuan-backed tokens could be applied in energy trade to simplify global transactions and reduce exchange-rate losses. This follows earlier pilot projects in Shenzhen, where Xiongdi Technology enabled stablecoin swaps between the Hong Kong dollar and China’s digital yuan—processing over 100,000 daily transactions.
The move reflects China’s broader debate on issuing yuan-backed stablecoins to increase the international reach of its currency. However, former PBOC Governor Zhou Xiaochuan has voiced concerns, warning that stablecoins could introduce financial risks rather than strengthen the economy.
Meanwhile, Ripple is pushing ahead with RLUSD adoption in Asia. Singapore-based fintech Tazapay, backed by Circle Ventures, Ripple, and Peak XV Partners, has surpassed $10 billion in annualized payment volume, growing 300% year-on-year. The company supports both virtual accounts and stablecoin transactions, and now plans to apply for a Digital Payment Token license from Singapore’s Monetary Authority of Singapore (MAS).
Ripple’s expansion also extends to Japan, where SBI Holdings has begun integrating RLUSD into its platforms. With Hong Kong and Singapore setting regulatory benchmarks, Asia is emerging as a central hub for regulated stablecoin innovation and cross-border payment systems.
