(Yicai) Sept. 25 -- Hong Kong’s central banking institution has refuted media reports that it had issued the first stablecoin pegged to the Chinese yuan.

The Hong Kong Monetary Authority has not yet issued any stablecoin licenses, so any issuance or promotional activities related to stablecoins are illegal at the moment, the HKMA said yesterday on its official WeChat account.

AnchorX has issued AxCNH, a stablecoin pegged to the offshore Chinese yuan, in Hong Kong, according to social media rumors circulating on Sept. 17. On that day, Reuters reported that the Central Asian stablecoin issuer had officially launched AxCNH after receiving the first stablecoin license from the Astana Financial Services Authority in Kazakhstan.

“We have recently noticed inaccuracies in unofficial media reports regarding our licensing status and operations in Hong Kong,” AnchorX said on X today. “To clarify: AnchorX holds a stablecoin issuance license from the AFSA in Kazakhstan, under which AxCNH was launched.”

The HKMA announced on May 21 that it had passed the Stablecoins Ordinance, which stipulated that any person who issues a fiat-referenced stablecoin in Hong Kong will need to obtain a license. The Ordinance took effect on Aug. 1.

The rumors also suggested that more stablecoins may receive regulatory approval in the future, and that AxCNH is expected to serve as an important reference for the future issuance of other stablecoins pegged to offshore Chinese yuan.

In the future, stablecoins will likely obtain regulatory licenses in countries in Central Asia, Southeast Asia, and the Middle East, where there is a more open attitude. The stablecoins would then undergo compliance review and listing in Hong Kong, serving the needs of Chinese mainland firms for convenient and low-cost cross-border payment and settlement.

Editor: Futura Costaglione