Hong Kong Stock Concept Tracking | The “Stablecoin Ordinance” has officially become law, and the main body of the RWA ecosystem is expected to grow rapidly (with concept stocks)

The Zhitong Finance App learned that on May 30, Hong Kong's “Stablecoin Regulations” were officially implemented as the world's first special legislation for fiat stablecoins, effectively filling gaps in fiat stablecoin supervision and accelerating the development of stablecoin compliance.

Previously, the Hong Kong Legislative Council had officially passed the bill on May 21 to establish a licensing system for “fiat stablecoin” issuers in Hong Kong. A compliant Hong Kong stablecoin is expected to be officially launched before the end of this year. The Hong Kong Monetary Authority has disclosed the list of the first batch of stablecoin issuers sandboxes, including Yuan Coin Innovation Technology, etc.

RWA (Real World Assets), or real-world assets, refers to converting real-world tangible or intangible assets (such as real estate, bonds, energy equipment, intellectual property, etc.) into tradable digital tokens through blockchain technology to digitize and standardize assets. This process is known as asset tokenization, and its core purpose is to improve the liquidity, transparency, and transaction efficiency of assets.

According to the CITIC Securities Research Report, Hong Kong and the US have recently promoted the legislative process of stablecoin-related laws to varying degrees. Stablecoins can provide stable currency trading methods for RWA token assets, enhance market liquidity, and help promote the further implementation of RWA issuance projects by mainland enterprises in Hong Kong. RWA means digitizing real-world assets and putting them on the chain through blockchain technology. At the same time, the stablecoin bill is expected to indirectly promote the construction of digital currency-related payment and settlement interfaces in the Hong Kong financial industry, and financial IT companies with experience in digital currency/digital yuan cross-border settlement and supply chain finance projects are expected to benefit.

According to the CITIC Construction Investment Research Report, as RWA continues to deepen its development, RWA ecosystem entities such as issuers, custodian banks, investors, and blockchain are expected to grow rapidly, and fields such as RWA asset operations, bank IT, and cross-border payments may usher in investment opportunities. It is recommended to focus on: stablecoin issuers and cryptocurrency exchanges directly benefit; considering RWA as a beneficiary of the crypto market, it is recommended to focus on service providers with RWA issuance capabilities, especially those related to Ant Mathematics that have already completed the RWA issuance business; the development of cryptocurrencies and stablecoins in Hong Kong will greatly promote the internationalization of RMB and cross-border payments. It is recommended to focus on targets related to cross-border payments.

Stablecoin-related concepts Hong Kong stocks:

Zhongan Online (06060): Zhongan Online holds 43.43% of the shares, is the first digital bank in Hong Kong, China to provide reserve bank services for stablecoin issuers; Yuancoin Innovation Technology, which holds 8.7% of the shares, is one of the first sandbox participants of the Hong Kong Monetary Authority. Guojin Securities pointed out that Zhongan Bank's deep virtual asset business layout is expected to benefit; UBS pointed out that the market expects Zhongan to benefit from the following two aspects: the potential for an increase in the valuation of RMB Innovation Technology and a considerable net interest spread.

LianLian Digital (02598): LianLian Digital indirectly holds 100% of LianLian Pay Global Limited (LianLian Pay Global Limited) shares through multi-tier wholly-owned subsidiaries. Lian International cooperated with Yuancoin Technology to apply stablecoins in cross-border payment scenarios. Furthermore, Lianlian Digital subsidiary DFX Labs has previously obtained a Hong Kong VATP license and has officially entered the Crypro field.

PCCW (00008): In July 2024, Standard Chartered Bank, Animoca Brands, and PCCW announced a partnership to explore stablecoin issuance. In February 2025, the three parties announced the establishment of a joint venture to apply for HKMA's stablecoin issuance license. The partnership aims to use Standard Chartered Bank's expertise and financial infrastructure, Animoca Brands' Web3 industry relationships, and PCCW's mobile wallet technology to jointly drive stablecoin adoption.