Hong Kong stablecoin transition period begins: first batch of potential licensed institutions emerge!

The application for stablecoin licenses immediately became the focus of the market. The Hong Kong Monetary Authority has made it clear that licensing is a continuous process and encourages institutions to submit applications before September 30th. In the first stage, only a few licenses will be granted, indicating significant scarcity. In this context, a group of well prepared and compliant institutions have become the first potential core targets for licensing, preliminarily outlining the competitive landscape of the stablecoin ecosystem in Hong Kong.

The collaborative layout between traditional financial institutions and technology giants is the highlight of this license application. Among them, Standard Chartered Bank (Hong Kong) led a joint venture company Anchorpoint with Animoca Brands and Hong Kong Telecommunications (HKT), expressing its intention to apply for a license on the day of the implementation of the Stablecoins Ordinance. Clear division of labor among the three parties: Standard Chartered Hong Kong relies on its risk control and compliance advantages to build a solid foundation, Anshui Group empowers research and development with Web3 technology, and Hong Kong Telecom expands its applications with payment scenario resources, forming a core competitiveness of "compliance+technology+scenario". Anchorpoint is registered in the Standard Chartered Bank Building in Central, Hong Kong, demonstrating its strategic intention to deeply cultivate the local market.

Mainland leading enterprises' Hong Kong subsidiaries are actively applying for licenses. JD Coin Chain Technology (Hong Kong), a subsidiary of JD Group, as one of the first participants in the "sandbox" of the Hong Kong Monetary Authority's stablecoin issuers, has already laid out its plans in advance. Its official website has provided preliminary introductions to the Hong Kong dollar stablecoin business and is clearly promoting license applications. According to industry insiders, JD Coin Chain focuses on the traditional cross-border trade settlement market and plans to land in retail scenarios such as the "JD Global Sales Hong Kong Macao Station" to build a "stablecoin+real economy" application ecosystem.

Yuan Coin Innovation Technology, also a participant in the Hong Kong Monetary Authority's sandbox, is intensifying its preparations for licensing. The company has partnered with a digital asset custody provider and a cross-border payment company, and has completed financing to issue a Hong Kong dollar stablecoin (HKDR) on Ethereum. Its core focuses on cross-border payment scenarios, aiming to improve merchant payment efficiency, reduce costs, and expand the field of asset on chain transaction settlement, relying on Hong Kong merchant resources and risk control experience in the payment field to enhance its licensed competitiveness.

The entry of companies under Ant Group has enriched the potential winning camp. Ant Group has initiated the license application process and has communicated with regulators for multiple rounds to improve the application materials; Its overseas division, Ant International, has also stated that it will submit its application as soon as the application channel opens. Relying on Ant Group's accumulation in cross-border payments and fintech, Ant Group has natural advantages in expanding stablecoin scenarios and technological research and development, and its ability to implement cross-border payments is highly anticipated.

As of September 30, 2025, the Hong Kong Monetary Authority has received applications for stablecoin licenses from 36 institutions, including banks, technology companies, Web3 companies, and other types, highlighting the market's attention to the stablecoin market in Hong Kong. The statement by the Hong Kong Monetary Authority that "only a few licenses will be approved in the first phase" implies strict screening, and only institutions with sufficient preparation, solid compliance, and clear scenarios are expected to break through. The above-mentioned sandbox participants and leading institutions have the advantage of being the first to receive cards, thanks to their first mover experience, resource integration ability, and clear planning.