Hong Kong's Stablecoin License Race: 77 Institutions Compete for a New Era in Digital Finance

Hong Kong's stablecoin market is entering a historic moment, with 77 financial institutions and tech giants vying for scarce licenses. A race is underway to reshape the digital financial landscape. Hong Kong's Stablecoin Ordinance officially came into effect in August 2025, implementing the world's first comprehensive regulatory framework for fiat-based stablecoins. By the end of August, 77 institutions had expressed their interest in applying for stablecoin licenses with the Hong Kong Monetary Authority (HKMA), but the HKMA has stated that only a "single-digit" number of licenses will be issued initially. This competition is not only about the licenses themselves, but also about who will dominate the future digital financial ecosystem. 1. A Few Competitors: An Overview of the 77 Institutions. The HKMA has set two key deadlines for market participants: expressing interest by August 31st and submitting formal applications by September 30th. These institutions are diverse, encompassing both traditional finance and emerging technology companies.
1. Traditional Financial Institutions and Banks
BOC (Hong Kong): As one of Hong Kong's three major note-issuing banks, Bank of China (Hong Kong) plans to apply for a stablecoin issuer license, leveraging its extensive experience in traditional finance, strong financial resources, and broad customer base.
Standard Chartered Bank (Hong Kong): Anchorpoint Financial Limited, a joint venture established with Animoca Brands and Hong Kong Telecom, expressed its intention to apply to the HKMA on August 1st. The company has an advantage due to its note-issuing bank experience and reserve management capabilities.
HSBC: As another note-issuing bank, HSBC may participate in stablecoin issuance through a joint venture, leveraging its global financial network and reserve custody capabilities.
ZhongAn Online (including ZhongAn Bank and YuanBi Technology): ZhongAn Bank provides reserve custody services to stablecoin issuers, holds shares in YuanBi Technology, and is deeply involved in the Hong Kong Monetary Authority's compliance pilot program.
Guotai Junan International: As Hong Kong's first Chinese securities firm to receive a full-scale virtual asset trading license, Guotai Junan International, backed by its parent company's fixed income investment capabilities, can provide a channel for allocating stablecoin reserve assets. TF International (a subsidiary of TF Securities): Received a Category 3 SFC license to support virtual asset trading and invested 120 million yuan in building a blockchain custody system. II. Tech Giants and Internet Companies: Ant Group (including Ant Digits and Ant International): Has initiated license applications and has engaged in multiple rounds of discussions with regulators. Leveraging Alipay's cross-border network and Belt and Road Initiative collaboration, it aims to become a gateway to digital assets. JD Group (JD CoinChain Technology/JD Group): One of the first participants in the Hong Kong Monetary Authority's Stablecoin Sandbox, JD holds Category 1, 4, and 9 SFC licenses and plans to issue the Hong Kong dollar stablecoin JD-HKD, collaborating with JD's retail ecosystem. Yuanbi Innovation Technology: Its shareholders include ZhongAn Online's Digital Asset Group, and its technical partner is HashKey Exchange. The company has issued the multi-currency basket stablecoin HKDR, focusing on cross-border B2B payments and RWA tokenization. Lianlian Digital: Has obtained 65 global payment licenses and plans to connect to the stablecoin cross-border payment network through its subsidiary DFX Labs.

3. Payment and technology service companies
Sifang Jingchuang: The core service provider of the Hong Kong Monetary Authority's "Digital Currency Bridge" (mBridge), its self-developed platform FINNOSafe supports the entire process of stablecoin issuance and clearing.
Lakala: The Hong Kong subsidiary holds an MSO license and is applying for an SVF license. It is the only third-party payment institution in China with a full cross-border RMB license.
Hainan Jinhui: Holds a Hong Kong MSO license and a cross-border RMB payment license, with a cross-border payment share in Southeast Asia of 18%.
Xiongdi Technology: The Hong Kong subsidiary has obtained an SVF license and has implemented a "dual-track certification system" that is compatible with digital RMB and stablecoins.
Xin Guodu: The subsidiary holds Hong Kong MSO + EU PI + US MSB licenses, participates in the Digital Currency Bridge project, and its cross-border payment brand Paykka supports acquiring in 150+ currencies.

IV. Licensed Securities Firms and Financial Institutions

Nanhua Futures: Its subsidiary holds Hong Kong licenses 1/4/9, is developing digital asset custody and trading, and is testing the use of stablecoins in cross-border futures margin.
Aijian Group: Its subsidiary holds Hong Kong licenses 1/4/9 and has a rich resource of financial licenses.
Hongye Futures: Its subsidiary holds Hong Kong licenses 1/4/9 and is promoting cross-border digital asset services.
Rui Da Futures: Its subsidiary holds Hong Kong licenses 1/4/9 and is exploring stablecoin settlement scenarios.
Tiansheng New Materials' subsidiary holds Hong Kong licenses 1/4 and focuses on supporting compliant stablecoin issuance, but lacks asset management qualifications.
Kaiying Network's subsidiary holds Hong Kong Type 4 (Securities Advisory) and Type 9 (Asset Management) licenses, enabling it to provide compliance consulting for game IP tokenization. V. Other Participating Institutions
Hong Kong Telecom (HKT): Formed a consortium with Standard Chartered and Animoca to expand offline stablecoin consumption scenarios using the mobile wallet "Tap & Go."
Animoca Brands: A leading Web3 company with extensive technical expertise in Web3 gaming and NFTs, responsible for technical integration for the joint venture.
Duodian Digital Intelligence: Preparing to apply for a license, its stock price surged nearly 90% in a single day on news of the situation.
China 33 Media: Holds an SVF license and plans to raise funds through a rights offering to apply for a stablecoin license and expand into retail payments.
Yita Logistics Technology: Revealed its intention to apply for a Hong Kong stablecoin license.
Hafu Securities (a subsidiary of East Fortune): Holds traditional financial licenses No. 1/4/7/9 and has added virtual asset integrated account trading services, providing retail investors with a one-click configuration portal for "stocks + crypto assets." VI. Technical Adaptation and Indirectly Participating Enterprises

Hengbao Co., Ltd.: A leader in digital RMB hardware security, customized a stablecoin exchange system for HSBC, and participated in the mBridge project.
Longxin Group: A core partner of Ant Chain's RWA (Reliable Value Added Account) platform, it completed the first tokenization of charging pile revenue rights in China and holds a 25% share of Hong Kong's virtual banking system.
GCL Energy: Jointly applied for a stablecoin license with Ant Digital Technology and participated in the development of RWA on-chain technical specifications.
Newland: Although not directly applying, it indirectly participates in the ecosystem by providing hardware encryption or terminal support to licensees.

2. Balancing Regulation and Innovation

Hong Kong Financial Secretary Paul Chan Mo-po explicitly stated: "Stablecoins are not digital assets for speculation, but rather payment and stored-value tools with real-world application scenarios." This statement suggests that regulators will prioritize applicants with practical application scenarios. HKMA Chief Executive Eddie Yue has repeatedly poured cold water on the market, pointing out that many institutions remain at the conceptual stage, lacking practical application scenarios and concrete, feasible plans. The Stablecoin Ordinance establishes one of the world's strictest regulatory systems: mandatory licensing, a minimum paid-in capital of HK$25 million, 100% independent custody of reserve assets in licensed banks, daily public audit reports, an unconditional par value redemption guarantee, and strict anti-money laundering mechanisms.

3. Future Outlook: A New Digital Financial Ecosystem

The implementation of Hong Kong's stablecoin regulatory policies will bring new development opportunities to the digital asset sector and have a profound impact on cross-border payments and financial innovation. Successfully licensed institutions will be able to seize trillion-dollar markets such as cross-border payments and RWA tokenization, particularly in the Greater Bay Area and along the Belt and Road Initiative. As the application process progresses, the first batch of stablecoin licenses are expected to be issued this year, laying a solid foundation for Hong Kong to establish itself as an international digital asset hub. Hong Kong is leveraging stablecoins as a pivotal force in reshaping the global financial landscape. This competition, shaping the future of digital finance, warrants continued attention. The first wave of licenses will be prioritized for institutions with a solid financial foundation, clear application scenarios, and advanced technological capabilities. Regardless of the winners, the flourishing development of Hong Kong's stablecoin market will provide a new model for global digital financial innovation.