On August 28, 2025, at the half-year performance release of China National Petroleum (00857), Director and CFO Wang Hua stated that the company is researching cross-border settlement and payment through stable currencies and closely monitoring the stablecoin issuer licensing policy proposed by the Hong Kong Monetary Authority. This statement quickly sparked hot discussions: as one of the largest oil summits, every move of China National Petroleum influences international trade and policy — this involvement in stablecoins means that crypto assets are transitioning from complex investment tools to the core stage of international trade and financial settlement, potentially promoting the accumulation of traditional financial infrastructure; for the global market, it is an important signal; for 88 users, it is an excellent window to interpret the future value of stablecoins and gain insights into industry trends.
The significance of this news goes far beyond the energy sector itself; it not only reflects the exploration of cryptocurrency technology by traditional giants but could also become an important turning point in promoting the digitization of the global commodity market. 88Ex dissects from the following perspectives:
One, why is China National Petroleum Corporation concerned about stablecoins?
1. Cross-border settlement pain points
a. China National Petroleum, as one of the largest energy suppliers in the world, has massive cross-border transactions (oil and natural gas procurement and sales) every year.
b. Traditional settlement methods rely on the dollar system (SWIFT network), which faces issues of slow clearing, high fees, and geopolitical risks.
c. Stablecoins (such as USDT, USDC) are based on blockchain, enabling real-time settlement and low-cost transfers, avoiding financial friction caused by geopolitical tensions.
2. Policy window
a. The Hong Kong Monetary Authority is studying the introduction of a stablecoin licensing system, opening doors for compliant use of stablecoins.
b. As a state-owned enterprise, China National Petroleum's direct statement of 'researching' stablecoins indicates an increasing acceptance of compliant exploration at the national level.
3. The inevitable trend of the combination of energy and finance
a. Commodity price fluctuations have led to strong hedging demands from enterprises. Stablecoins are not only payment tools but can also serve as asset management and liquidity tools.
b. In the future, China National Petroleum may consider a settlement network based on stablecoins, even promoting a trading model directly linked to oil-stablecoin.
Two, potential impact on the crypto industry
As a global energy giant, if China National Petroleum promotes stablecoin settlement, it will not only be a single attempt by the enterprise but may also become the starting point for an 'industry demonstration effect.' Potential impacts include:
1. The strategic position of stablecoins is rising, and the demand for compliant stablecoins is surging.
In the past, stablecoins were mostly used in the inflow and outflow of funds in exchanges and DeFi liquidity pools, but if cross-border settlement scenarios are realized, they will be endowed with payment functions for international commodity trading. This will significantly enhance the depth and breadth of stablecoin usage, evolving from a 'transaction matching tool' to a 'global settlement currency alternative.' Once state-owned enterprises and multinational companies start to test the waters, the market will favor compliant, transparent, and well-backed stablecoins (such as USDC, licensed regulated Hong Kong stablecoins).
2. Leading effect of the energy industry, promoting compliance and institutional-level adoption
Oil is one of the most core commodities globally, and if stablecoins truly enter oil trade, it means a transition from 'financial investment products' to 'global settlement currency' roles. The statement from China National Petroleum means that large state-owned enterprises are beginning to face and attempt to connect with the stablecoin regulatory framework of the Hong Kong Monetary Authority. This will promote more multinational companies and financial institutions to consider compliant engagement with stablecoins, potentially leading to a 'policy window.' In the future, stablecoins may be gradually regarded as compliant tools for cross-border payments, just like the US dollar clearing system.
3. Demonstrative effect on other state-owned enterprises and multinational giants
The exploration by China National Petroleum may stimulate other state-owned enterprises, multinational bulk trade companies, and even regional financial institutions to accelerate their research on crypto payments. For the crypto industry, this means that 'incremental funds' and 'real demand' may accelerate entry, pushing the industry into a new stage of adoption.
4. Enhanced capital market sentiment
When traditional industry giants recognize the value of crypto assets, it often leads to a reduction in risk premiums, driving more funds into the blockchain and stablecoin sectors.
Three, globally: Adoption of cryptocurrencies by energy companies
1. Pilot projects between the US and Middle Eastern energy giants
a. Some Middle Eastern sovereign funds are exploring the digital settlement of oil transactions and collaborating with crypto payment platforms.
b. ExxonMobil has tested using Bitcoin mining to absorb excess natural gas.
2. The penetration of stablecoins in bulk trade
a. Tether has announced stablecoin payment experiments with some Middle Eastern partners.
b. The circulation of US dollar stablecoins exceeds 160 billion dollars, becoming the 'shadow banking of dollar digitization.'
a. The statement from China National Petroleum is not just a corporate action, but more likely a 'foothold' for national-level strategy.
b. Once implemented, it will have a profound impact on the global energy pricing system and cross-border payment patterns.
Four, 88Ex view: What insights can practitioners in the crypto industry gain?
1. Retail users
a. Stablecoins are not only 'hedging tools' in transactions; they are becoming realistic options for cross-border payments.
b. For individual users, in the future, stablecoins may be faster and cheaper than traditional banks in scenarios such as cross-border remittances, tuition payments for studying abroad, and overseas travel. Familiarity with stablecoin usage is tantamount to entering the future payment system in advance.
2. Institutional and corporate users
a. The exploration by China National Petroleum indicates that compliant giants view stablecoins as tools to reduce costs and improve settlement efficiency.
b. For enterprises, this is a signal: Future international trade and cross-border supply chain finance are likely to incorporate stablecoins into core processes. Paying close attention and aligning with compliance frameworks may be a crucial step for enterprises toward globalization.
3. Developers and entrepreneurs
a. Stablecoins are transitioning from speculative attributes to infrastructure attributes. This means new entrepreneurial opportunities will emerge around 'cross-border settlement, compliant wallets, and trade payment solutions.'
b. Seizing the intersection of policy and market will create opportunities to become the foundational builders of the next 'payment giant.'
Summary of views: In the coming years, with the advancement of stablecoin compliance in Hong Kong, Europe, America, and the Middle East, we will see a new pattern of 'stablecoin + energy + cross-border payments'. This may be one of the biggest catalysts for the crypto industry to go mainstream.
Conclusion
The news of China National Petroleum researching stablecoin cross-border settlement is not just an enterprise attempt but an important signal for the global financial system.
It tells us:
Stablecoins are transitioning from 'investment tools' to 'international settlement currencies';
Compliance and application are becoming the core driving forces of the industry;
Users need to re-understand the positioning of stablecoins in the future financial ecosystem.
Risk warning:
Digital asset trading is highly volatile; please invest cautiously and control your positions reasonably. This content is for market analysis reference only and does not constitute investment advice.
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