AsianFin -- Asia’s largest oil and gas producer, PetroChina, is exploring the potential use of stablecoins for cross-border settlements following new regulatory developments in Hong Kong.

Local media reported Friday that Wang Hua, the company’s Chief Financial Officer and Board Secretary, said during a half-year meeting that PetroChina is closely tracking the Hong Kong Monetary Authority’s (HKMA) recently enacted Stablecoin Ordinance.

The legislation, passed in May by Hong Kong’s Legislative Council, requires any entity seeking to issue a fiat-referenced stablecoin (FRS) in the city—including tokens pegged to the Hong Kong dollar—to obtain a license from the HKMA.