77 Firms Seek HK Stablecoin Licenses; Ant Group, CNPC Lead

Published: 2025-09-02 11:30:57 |

After Hong Kong’s Stablecoins Regime took effect, 77 diverse entities—including banks, tech giants, asset managers, e-commerce and Web3 startups—have signaled their intentions to apply for Hong Kong stablecoin licenses. Key applicants such as Standard Chartered, HKT-A&O consortium, JD’s blockchain arm, Ant Group and reportedly Bank of China (HK) compete for a limited number of slots, as the Hong Kong Monetary Authority (HKMA) has confirmed it will issue only "a few" licenses initially. The HKMA is meeting with potential issuers to vet the maturity and necessity of their stablecoin issuance plans, while cautioning that expression of interest does not imply approval and warning investors against unlicensed stablecoins. In parallel, Hong Kong’s digital asset market advances: Futian Investment’s FTID TOKEN 001 became the world’s first RWA public digital bond on Ethereum (RMB 500 million, 2-year, 2.62% coupon, Fitch A-rated), and ZhongAn Smart Life (02271.HK) signed an MoU with an SFC-licensed crypto trading platform to develop digital asset services, driving its stock up 16.35%. The fierce race for Hong Kong stablecoin licenses underscores the territory’s drive for digital finance innovation balanced by prudent oversight.

Neutral

The surge in applications for Hong Kong stablecoin licenses reflects strong institutional interest in regulated digital assets, while the HKMA’s decision to grant only a few slots indicates prudent oversight. This balance of innovation and regulation tends to stabilize market expectations rather than trigger major price movements. The concurrent issuance of the RWA public digital bond and strategic partnerships in digital asset services underscore long-term growth prospects for Hong Kong’s crypto sector. Historically, regulatory clarity combined with measured rollouts—as seen in Singapore’s MAS approach—has led to sustained ecosystem development without immediate bullish spikes. Therefore, traders may anticipate a neutral short-term impact, with potential long-term optimism as licensed stablecoins and digital bonds mature.