Chelsea FC's recent jersey sponsorship agreement with Circle, the company behind USDC stablecoin, has created unexpected concerns in Hong Kong. Fans and retailers are questioning whether displaying the USDC brand could violate local cryptocurrency regulations.
The Hong Kong Stablecoin Ordinance, which took effect in August 2025, imposes penalties of HK$50,000 (approximately $6,400) for advertising unlicensed stablecoins and permits up to six months imprisonment. USDC is not licensed in Hong Kong, where only two stablecoin issuers have received authorization: Anchorpoint Financial Limited and HSBC.
The uncertainty has affected both consumers and merchants. Danny, a Chelsea supporter who requested anonymity due to safety concerns, stated he would not purchase the new jersey until the legal situation clarifies, asking whether wearing it could result in arrest. Hammer Chung, who operates a football apparel shop, expressed similar hesitation about selling the jersey, comparing the situation to merchandise bearing logos of illegal gambling websites.
The Hong Kong Monetary Authority confirmed that the ordinance prohibits "active marketing" of unauthorized stablecoin activity, but stated that whether specific conduct constitutes an offense is determined case-by-case. Tanna Chong, head of public policy at VerifyVASP and a drafter of the ordinance, assessed that ordinary fans should face no legal problems wearing the jersey, as they are not service providers. She noted that legal risk would only apply to Circle employees wearing the shirt with intent to market to Hong Kong audiences.
