Chelsea Fans Left Nervous Over USDC Jersey Deal
Chelsea football club's partnership with Circle has left Hong Kong fans and retailers concerned about potential violations of digital currency laws.
The UK's Financial Conduct Authority (FCA) warned Premier League clubs in May to avoid partnering with unauthorized crypto and finance businesses. However, the FCA does regulate Circle UK Trading, which provides certain financial services. The problem lies with the USDC stablecoin brand, which is not issued or regulated under UK laws.
The Hong Kong Monetary Authority (HKMA) warned ahead of the enactment of the Stablecoins Ordinance on August 1, 2025, that it will be illegal to actively market unlicensed fiat-referenced stablecoins. This has left fans and retailers worried about wearing or selling Chelsea jerseys featuring USDC.
Winnie Choi, a 12-year fan of the club, expressed her concerns, stating 'After looking up the law, I still do not understand whether it is a problem to wear the jersey.'