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Home News

Hong Kong Set to Issue First Stablecoin Licenses, With Ant Group and JD.com Among Early Applicants

23 June 2025
in News, Stablecoins
Reading Time: 2 mins read
119 1
source: theblock.co

source: theblock.co

Hong Kong is preparing to grant its first batch of stablecoin licenses within the next few months as the city steps closer to becoming a regulated hub for digital assets.

Financial Secretary Paul Chan Mo-po confirmed in a recent interview with China Daily that the government has already received multiple applications from firms eager to issue fiat-backed stablecoins under Hong Kong’s soon-to-be-enforced licensing framework.

Financial Secretary Paul Chan Mo-po takes questions from China Daily
Source: China daily

Chan noted that the city’s regulatory strategy is being rolled out in stages, with the initial focus on stablecoins tied to traditional fiat currencies. “Stablecoins pegged to fiat have a wide range of use cases,” he said, pointing to applications like cross-border payments as a key area of interest. He added that future developments may include digital tokens that are “real and integrated with the real economy,” ensuring they deliver utility rather than speculation.

The upcoming rollout builds on efforts started last year when companies, including Hong Kong Telecommunications, Standard Chartered, and Animoca Brands, began trialing stablecoin use cases under the Hong Kong Monetary Authority’s (HKMA) sandbox program.

The licensing initiative follows the recent passage of Hong Kong’s Stablecoins Bill in late May. Under the new Stablecoins Ordinance—set to take effect on August 1—all entities issuing fiat-backed stablecoins, whether pegged to the Hong Kong dollar or other currencies, must be licensed by the HKMA.

Tech heavyweights such as JD.com and Ant Group are reportedly among the early applicants, along with financial institutions like Standard Chartered and a number of local logistics firms, signaling strong interest from both domestic and international players in tapping into Hong Kong’s digital finance ecosystem.

A notable feature of the upcoming framework is Hong Kong’s adoption of an ‘open model’ for stablecoin issuance. Unlike jurisdictions that limit stablecoins to U.S. dollar pegs, Hong Kong will allow licensed issuers to back their tokens with a range of fiat currencies.

 

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