Hong Kong Stock Concept Tracking|Hong Kong's “Stablecoin Ordinance” will take effect on August 1, 2025, and the digital asset ecosystem will usher in sustainable development (with concept stocks)

The Hong Kong Special Administrative Region Government published the “Stablecoin Ordinance Notice” in the Gazette today, designating August 1, 2025 as the commencement date of implementation of the Stablecoin Ordinance.

The Secretary for Financial Services and the Treasury of Hong Kong, Mr Hui Ching-yu said, “After the Regulations come into effect, the licensing system will provide appropriate regulation for relevant stablecoin activities and is a milestone in promoting the sustainable development of Hong Kong's stablecoin and digital assets ecosystem.”

Cathay Pacific Haitong released a research report stating that stablecoins, as the general equivalent of cryptocurrency transactions, have now surpassed 250 billion US dollars in global market size, and have formed a complete ecosystem where issuers, custodians, asset managers, trading platforms, and market makers participate.

The successive implementation of the US “GENIUS Act” and Hong Kong's “Stablecoin Bill” marks the accelerated improvement of the global regulatory framework. The industry shows a duopoly pattern of USDT (61.2% market share) and USDC (24.4%), which is promoting IPOs due to compliance advantages.

According to the CITIC Securities Research Report, recent US and other stablecoin legislation has made gradual progress. We believe that the Trump administration is promoting crypto-related legislation for three purposes: to help families accumulate wealth and fulfill campaign promises; to promote the expansion of the stablecoin market to ease the pressure of insufficient demand for US debt; and to strengthen the binding relationship between stablecoins and the US dollar to slow the de-dollarization process. Therefore, the stablecoin formalization process is expected to continue. However, the expansion and development of the stablecoin market is beneficial to the upward trend of cryptocurrencies in the medium to long term. However, the accelerated upward trend of cryptocurrencies may have to wait for Trump's policy certainty.

Huaxi Securities pointed out that with the gradual improvement of the global regulatory framework, stablecoins and RWA will be deeply integrated and become a key infrastructure in the financial market. The compliance and programmability of stablecoins will drive RWA to achieve automation and globalization in the fields of green finance, supply chain finance, etc., and help traditional assets achieve a new digital finance pattern of “on-chain flow and global allocation”.

Hong Kong stock companies related to the stablecoin concept:

Zhongan Online (06060): As the core target of the Hong Kong stablecoin concept, the company's affiliate ZA Bank is the first local digital bank to provide reserve bank services for Hong Kong stablecoin issuers. It cooperates with Yuancoin Technology, a participant in the Hong Kong Monetary Authority's stablecoin sandbox program.

OSL Group (00863): The Hong Kong Compliant Exchange, the Hong Kong version of “Coinbase”, and Ethena collaborated to launch stablecoin interest-bearing products.

China Everbright Holdings (00165): One of Circle's important investors. Circle completed Series D financing of 60 million US dollars in 2016, and Everbright Holdings participated as an investor.

Standard Chartered Group (02888) +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.

JD Group-SW (09618): The JD stablecoin has not been officially released yet and is currently in the second phase of sandbox testing. Liu Peng, CEO of JD Coin Chain Technology, explained that JD stablecoins are stablecoins based on a public chain and linked 1:1 to fiat currencies such as Hong Kong dollars or US dollars. Stablecoins anchored in the Hong Kong dollar and the US dollar are tentatively issued in the first phase. The details are adjusted based on regulation and market demand.

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.