- NPC-linked deliberations surface on studying yuan-backed stablecoins for cross-border settlement.
- Ripple’s RLUSD advances in Singapore as Tazapay attracts investment from Ripple and Circle to scale fiat-stablecoin rails.
China’s legislative orbit is weighing how fiat-referenced tokens could streamline trade settlement, just as Ripple’s RLUSD deepens its presence in Singapore’s regulated market and a local payments firm draws fresh backing from two global stablecoin issuers.
NPC-linked discussions put yuan-backed stablecoins on the cross-border agenda
Policy signals around the National People’s Congress point to formal exploration of yuan-denominated stablecoins for specific cross-border use cases, complementing the e-CNY while preserving capital-account controls.
Recent reporting indicates Beijing is assessing a roadmap that includes controlled pilots in trade corridors and coordination with financial regulators.
Such deliberations align with public proposals from NPC delegates to develop an offshore renminbi stablecoin via Hong Kong entities to support international settlement.
Hong Kong’s new licensing regime for fiat-referenced stablecoins, effective August 1, provides a ready policy interface. The framework empowers the Hong Kong Monetary Authority to supervise issuance and related activities and is expected to grant a limited number of licenses initially.
For mainland policy makers, this offshore structure offers a regulated venue to test renminbi-linked tokens for trade and treasury uses without loosening onshore controls.
RLUSD secures Singapore listing and integration into Ripple’s payments stack
In parallel, Ripple’s US dollar-backed stablecoin, RLUSD, has advanced in Asia’s financial hubs. Independent Reserve became the first regulated exchange in Singapore to list RLUSD in December 2024, giving local institutions and corporates a compliant channel to access the token.
In April 2025 Ripple added RLUSD to its Ripple Payments platform to support enterprise cross-border treasury and payouts, positioning it alongside bank rails for faster settlement and intraday liquidity management.
Market plumbing is also widening around fiat-stablecoin bridges used by payment processors. Singapore-based Tazapay said this week it closed a Series B round that includes strategic investments from Ripple and Circle.
The company, licensed in several jurisdictions and applying for a digital payment token license in Singapore, emphasised using stablecoins within a compliance-first framework while maintaining fiat settlement options in emerging markets.
The raise underscores a pragmatic architecture in which regulated processors abstract token complexity for merchants and marketplaces.
For treasurers in China-related trade, the convergence of these developments points to two practical outcomes. First, if NPC-linked exploration proceeds, offshore pilots could introduce yuan-referenced tokens for invoicing and netting under strict eligibility and reserve rules.
Second, the growing availability of regulated dollar stablecoins such as RLUSD in Singapore offers an interim tool to shave costs and settlement times in supplier payments and marketplace disbursements, particularly where counterparties already operate within licensed venues in Hong Kong and Singapore.
The next phase will hinge on license issuance in Hong Kong, clarity on permitted use cases, and the pace at which payment intermediaries can embed stablecoin legs into existing compliance workflows.
At press time, Binance shows XRP at USD 2.8674, registering a −4.91 % 24-hour shift.
