Chelsea will display USDC on its players’ shirts during the 2026-27 season under a new sponsorship agreement with Circle, prompting concern among Hong Kong fans and retailers because USDC is not issued by an authorized Hong Kong stablecoin issuer. The Hong Kong Stablecoin Ordinance, which took effect in August 2025, prohibits active marketing or promotion of unauthorized stablecoin activities and provides for fines of HK$50,000, nearly $6,400, and up to six months in prison. The Hong Kong Monetary Authority said it would not comment on individual cases and that whether conduct amounts to active marketing depends on the circumstances, including the language used, whether Hong Kong residents are targeted, use of a Hong Kong domain and the existence of a detailed promotional plan. The authority also said publishers and livestreamers who merely republish content created by others may qualify for a specific exemption if the statutory conditions are met. Hong Kong has licensed Anchorpoint Financial Limited and HSBC as stablecoin issuers. Circle’s UK arm, Circle UK Trading, is regulated by the FCA, which has cooperated with Hong Kong’s SFC, but USDC is neither a UK-regulated stablecoin nor issued by a Hong Kong-authorized issuer. The sponsorship’s financial terms were not disclosed, and a VerifyVASP policy executive said ordinary fans should not face problems because they are not service providers.