Offshore RMB stablecoin pilot landing in Hong Kong is imminent

After obtaining exclusive settlement rights in Circle Asia, Hong Kong stock company Lianlian Digital (02598. HK) has partnered with Bank of China to build a "digital RMB cross-border bridge" interface and secured the only payment channel qualification for this business. The pilot project of "offshore RMB stablecoin" in cooperation between the two parties is planned to be launched in Hong Kong in Q1 2026, focusing on the B2B scenario of foreign trade to achieve instant settlement of payments. It is expected to reshape the cross-border settlement pattern and open up a new growth curve for Lianlian Digital.

This cooperation is an important achievement of Lianlian Digital's deep cultivation of cross-border digital payments, demonstrating its leading competitiveness. Since 2021, its subsidiary LianLian Pay has collaborated with the Digital Research Institute to take the lead in accessing the digital RMB interconnection platform, accumulating rich application experience. As a pioneer in cross-border settlement, Bank of China has significant advantages in channel construction and multi currency clearing. The strong alliance between the two parties not only achieves the integration of technology and scenarios, but also locks in the core discourse power of the pilot program based on the scarcity of the only payment channel.

Hong Kong pilot program accurately solves the pain points of B2B settlement in foreign trade, with outstanding advantages. Traditional settlement relies on multiple intermediary banks, which has problems such as complex processes, slow arrival (1-5 working days), high fees, and high exchange risks. The offshore RMB stablecoin, which is jointly developed by both parties, relies on blockchain to achieve point-to-point second level clearing and 7 × 24-hour service, greatly reducing cycles and costs. Moreover, transactions can be traced on the chain, balancing efficiency and security, and meeting the core needs of foreign trade enterprises.

This pilot coincides with the window period for the improvement of the global stablecoin regulatory framework. This year, the United States and Hong Kong have successively introduced relevant laws to clarify the positioning of fiat stablecoins and incorporate them into regulation, laying a solid foundation for compliance. As an offshore RMB center, Hong Kong's pilot not only responds to the international cooperation orientation of the central bank's digital finance, but also broadens the internationalization path of the RMB through innovative practices, extends the cross-border influence of the RMB based on the characteristics of stablecoins, and improves the internationalization ecology.

For Lianlian Digital, this business will bring significant performance growth. Securities firms predict that if the scale reaches 10 billion US dollars in the first year, it can contribute 5 billion yuan in commission income, driving the gross profit margin from 70% to 85%. This elasticity stems from market space and business synergy: Circle Asia's exclusive settlement rights provide stable traffic, stablecoin pilots enrich the business matrix, form full chain service capabilities, and amplify economies of scale and profit margins.

The industry believes that this move by Lianlian Digital is not only for its own upgrading needs, but also to empower the construction of Hong Kong's digital financial center. With the promotion of pilot projects, offshore RMB stablecoins may expand to more scenarios, helping Hong Kong become a core hub. Lianlian Digital, with its unique payment channel advantage, is expected to lead the industry, consolidate its leading position, leverage Hong Kong's location to participate in the integration of the Greater Bay Area and the reconstruction of the global payment system, and achieve dual enhancement of value and influence.