Countdown to the first batch of stablecoin licenses in Hong Kong, 36 institutions compete for 2-5 spots

As a connector between encrypted assets and traditional financial markets, the compliant development of stablecoins has always been a key direction for virtual asset regulation in Hong Kong. Since the passage of the Stablecoins Bill by the Hong Kong Legislative Council in 2025 and the release of relevant regulatory guidelines by the Hong Kong Monetary Authority, it has become a mandatory requirement for stablecoin issuers to operate under license. Any institution that issues or promotes stablecoins in Hong Kong must obtain relevant licenses and comply with strict regulatory requirements, including a minimum of HKD 25 million in paid up funds, a sound risk management system, and anti money laundering requirements. The issuance of the first batch of licenses marks the official entry of the Hong Kong stablecoin market into a standardized and legalized development stage, and will further consolidate Hong Kong's position as a global virtual asset center.

The competition for this license application is more intense than expected, with 36 institutions competing on the same stage for 2 to 5 spots, covering various types such as foreign banks, local virtual asset platforms, and technology enterprises. Famous institutions such as Ant Group and JD Coin Chain Technology are among the applicants. According to the list circulating in the market, HSBC and Standard Chartered, two major foreign banks, as well as the local virtual asset trading platform OSL, are in a leading position and have become the first popular candidates to be licensed. However, as of now, the Hong Kong Monetary Authority has not issued any stablecoin issuer licenses, and institutions such as HSBC and Standard Chartered have not responded positively to rumors. Only insiders have revealed that they are "waiting for official regulatory information".

The optimistic expectation of license issuance has already driven the Hong Kong stock market's cryptocurrency concept sector to rise against the trend. On March 13th, the three major Hong Kong stock indices collectively fell, with the Hang Seng Index falling 0.98% and the Hang Seng Technology Index falling 0.99%. However, the cryptocurrency concept index rose 0.37% against the trend, and briefly rose more than 1% in the afternoon session. Among them, the stock price of OSL Group performed outstandingly, with a daily increase of about 7% and a trading volume of 7.953 million, with a turnover of 111 million Hong Kong dollars, setting a new high for daily trading in recent times; New Fire Technology Holdings, Ouke Cloud Chain and other related stocks also rose by more than 3%, becoming a "safe haven" in the weak market.

Industry institutions are generally optimistic about the industry impact of the issuance of the first batch of stablecoin licenses. Tianfeng Securities pointed out that stablecoins are upgrading from being a "connector" for encrypted assets to a new global payment infrastructure. Under the wave of compliance, incremental funds and application scenarios are expected to rapidly rise; Haitong International stated that licensed platforms in Hong Kong will benefit from trends such as regulatory liberalization, product expansion, and accelerated institutional participation. The revenue growth rate is expected to lead the industry, and profit margins are expected to continue to improve under the drive of economies of scale. Data shows that from early 2023 to August 2025, the cumulative scale of stablecoin payments has reached 136 billion US dollars, with an annualized growth rate about 10 times that of traditional payment systems, of which nearly two-thirds come from B2B payments, indicating huge market potential.