Against the backdrop of ongoing improvements to the global digital asset regulatory system, Hong Kong’s stablecoin policy is entering a critical implementation phase. The first licenses for stablecoin issuers in Hong Kong are expected to be issued by March 2026. This policy signal not only boosts industry attention but also directly drives a noticeable rally in the stablecoin concept sector within the capital markets.
Policy Continues to Advance, Stablecoin Regulatory Framework Gradually Takes Shape
On February 11, Hong Kong SAR Chief Executive John Lee delivered a speech at the opening ceremony of the second Consensus Hong Kong conference, stating that the Hong Kong Monetary Authority (HKMA) is actively processing license applications for stablecoin issuers, with the first licenses expected to be issued next month.
John Lee pointed out that Hong Kong is committed to becoming a global hub for digital asset innovation, leveraging the advantages of the “one country, two systems” framework to promote steady development of Web3 and the digital asset industry. The SAR government released the “Hong Kong Digital Asset Development Policy Declaration 2.0” in June 2025, further refining the digital asset ecosystem, fostering innovation while strengthening risk management and investor protection.
Regarding stablecoin regulation, Hong Kong officially implemented the “Stablecoin Ordinance” in August 2025, establishing a licensing regime for fiat-backed stablecoin issuers. Additionally, the Hong Kong Securities and Futures Commission (SFC) has launched the “ASPIRe” roadmap for virtual asset market regulation, aiming to enhance market liquidity and diversify virtual asset product services to promote industry standardization.
Furthermore, HKMA Chief Executive Yu Weiwen previously revealed that regulators are evaluating license applications for stablecoins, having requested some applicants to supplement information on stablecoin use cases, reserve asset categories, and risk management frameworks. The goal is to issue the first licenses by March 2026, with a cautious approach to the number of licenses granted.
Emerging License Competition, 36 Institutions Compete for First-Mover Qualification
The application status for stablecoin licenses also reflects industry participation enthusiasm. HKMA disclosed that by the end of September 2025, 36 institutions had submitted applications, including banks, tech companies, securities and asset management firms, e-commerce platforms, payment providers, and Web3 startups.
Regulators stated they will conduct strict reviews of the application materials based on the Stablecoin Ordinance and related regulatory requirements, aiming to announce the first list of licensed stablecoin issuers in early 2026.
The HKMA emphasized that stablecoin licenses will have high entry thresholds, with only a limited number expected to be issued in the initial phase to ensure stable market development. Additionally, regulators remind the public to remain cautious about promotions and marketing of unlicensed stablecoins.
Industry consensus suggests that the limited number of licenses will give the first licensed institutions a significant competitive advantage and may further consolidate industry concentration.
Policy Expectations Rise, Stablecoin Concept Stocks Rally Collectively
Positive policy expectations have quickly translated into capital market gains. On February 11, the Hong Kong stock stablecoin concept sector strengthened overall in the afternoon, with Lionteng Holdings (02562) surging over 27% intraday, reaching a high of HKD 3.75. The day’s trading volume was approximately 110 million shares, with a transaction value of about HKD 382 million.
Within the same sector, stocks such as Lianlian Digital, Huaxing Capital Holdings, Guotai Junan International, Delin Holdings, and Yunfeng Financial also showed synchronized upward movements, indicating concentrated market attention on the prospects of stablecoin policy implementation.
Regarding capital flows, market data showed that southbound funds net bought approximately HKD 37.48 million of Lionteng Holdings on that day. Analysts believe that the combination of policy expectations and capital inflows has significantly strengthened short-term market sentiment.
Overall, the simultaneous rise of multiple stablecoin concept stocks is viewed as a typical policy-driven sector rally rather than driven by individual company fundamentals.
Tech and Financial Institutions Accelerate Stablecoin Ecosystem Development
As the regulatory framework becomes clearer, many tech and financial institutions have proactively entered the stablecoin space.
Public information shows that Ant Group’s Ant International has become one of HSBC’s first clients for blockchain-based tokenized deposit settlement services, enabling real-time internal fund transfers. Meanwhile, Ant Science and Technology established its overseas headquarters in Hong Kong in 2025 and continues to promote the commercialization of blockchain technology.
During the stablecoin sandbox testing phase, JD.com’s JD Chain Technology (Hong Kong), Standard Chartered Bank, and Yuanbi Technology participated in pilot projects. Subsequently, Xiaomi’s Tianxing Bank announced a partnership with JD Chain Technology to develop stablecoin solutions, further raising market expectations for internet tech companies entering the Web3 financial ecosystem.
With its traditional financial infrastructure advantages, Standard Chartered Bank is also viewed by the market as a potential key participant in the stablecoin ecosystem.
Regulatory Prudence and Risk Control Progress Hand in Hand
Although stablecoins are regarded as an important direction for digital financial innovation, regulators continue to emphasize risk management.
HKMA explicitly states that any stablecoin used by retail investors in Hong Kong must obtain an issuance license, with the issuer required to establish a local office and hold reserve assets domestically. For cross-border activities, licensed entities must comply with the regulatory rules of their operating jurisdictions.
Meanwhile, the People’s Bank of China and six other departments recently jointly issued a notice stating that stablecoins pegged to fiat currency may effectively perform monetary functions in circulation, explicitly prohibiting the issuance of unapproved stablecoins linked to the RMB.
The Bank for International Settlements (BIS) also noted in a research report that stablecoins face structural challenges such as lack of central bank backing, insufficient capacity to prevent illegal use, and difficulty supporting credit expansion.
Stablecoins Could Become a Key Bridge Connecting Traditional Finance and Digital Assets
Based on regulatory developments and market performance, stablecoins are gradually moving from conceptual exploration toward institutionalization. The issuance of the first stablecoin licenses could reshape Hong Kong’s digital asset industry landscape and serve as a milestone for integrating traditional finance with the Web3 ecosystem.
Market consensus holds that, as regulatory frameworks improve, stablecoins will become vital tools for cross-border payments, digital financial infrastructure, and asset tokenization, further strengthening Hong Kong’s role as a global digital finance hub.
However, from a disclosure perspective, whether individual listed companies related to stablecoins have independent business advantages still depends on official announcements from the Hong Kong Stock Exchange and corporate disclosures.
