Hong Kong Stock Concept Tracking | Hong Kong will issue the second digital asset development policy declaration, multinational giants compete to enter stablecoins (with concept stocks)

The Zhitong Finance App learned that according to relevant media reports, multinational giants such as Walmart and Amazon have recently begun exploring the possibility of issuing their own stablecoins in the US, and online travel giant Expedia and other large companies are also discussing plans to issue stablecoins.

These retailers pay billions of dollars in processing fees in traditional payment systems, including exchange fees incurred when customers use bank cards to make purchases.

Payments often take days to settle, delaying the time for merchants to receive sales revenue.

Stablecoins can be settled within seconds, and stablecoin payments could disrupt traditional payment ecosystems and potentially save these retail giants billions of dollars in transaction fees.

On June 12, it was reported that Ant International (Ant International), the international business division of Ant Group, is actively preparing to apply for stablecoin licenses in Singapore and Hong Kong. In addition, Ant International is also planning to seek relevant licenses in Luxembourg, showing its global license layout strategy. On the one hand, Ant International's application for a stablecoin license will improve its blockchain layout and help support its cross-border payment business and global fund management business; on the other hand, Ant International is the first global fintech company that clearly stated that it will be the first to submit a stablecoin issuance license application from the Hong Kong government and has large-scale fund management experience, which gives it a first-mover advantage in the global stablecoin competition.

Hong Kong's Financial Secretary, Mr Chan Mao-po, said that the “Stablecoin Ordinance” has been passed by the Legislative Council to establish a licensing system for stablecoin issuers and will come into effect on August 1, which has become one of the focus of recent market attention. According to estimates, the total market value of global stablecoins is about 240 billion US dollars, while the global stablecoin trading volume last year exceeded 20 trillion US dollars. With the booming development of the digital asset market, market demand for stablecoins is expected to increase further. Currently, many market participants are very interested in it. After the ordinance comes into effect, the Hong Kong Monetary Authority will process the licence applications received as soon as possible to allow eligible applicants to conduct their business.

According to CITIC Construction Investment's latest research report, for stablecoin holders, they have obtained a currency with both ease of transaction, privacy, and extremely stable currency. This is the most three-dimensional currency in history.

The high-quality transaction properties of stablecoins may indicate that future transaction payments will usher in a new era. This is probably because the US, Hong Kong and other government departments are currently focusing on stablecoins and supervising them to prepare for a more stable stablecoin development era.

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.

Huaxing Capital Holdings (01911): On the morning of June 6, it was announced that Circle Internet Group, a company invested in the Huaxing New Economy Fund under its management, successfully listed on the New York Stock Exchange, making it a landmark event for the first IPO in the global stablecoin field.

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.