Everbright Securities has released a research report stating that the issuance of Hong Kong's first batch of stablecoin licenses signifies a shift in industry dynamics from "expectation-driven catalysts" to "license realization." The firm recommends focusing on three key investment themes: scarcity of licenses, infrastructure positioning, and real-world application scenarios. Specific areas of interest include: 1) beneficiaries of stablecoin license approvals; 2) brokerages and exchanges likely to provide distribution channels for stablecoins; 3) companies focused on implementing digital currency end-use scenarios and cross-border payment services; 4) firms offering digital currency-related IT services to financial institutions such as banks; and 5) companies providing hardware and security foundations, including digital wallets, security chips, and encryption technologies.
On April 10, the Hong Kong Monetary Authority granted stablecoin issuer licenses to Anchorage Digital Financial Technology Limited and The Hongkong and Shanghai Banking Corporation Limited under the Stablecoin Ordinance, effective immediately. The high regulatory standards and selective approval process underscore Hong Kong's positioning as a global compliance benchmark, marking a milestone as the city's digital asset sector enters a new era of regulation.
Key views from Everbright Securities are as follows:
The issuance of stablecoin licenses will advance Hong Kong's role as a "payment and settlement infrastructure hub on the blockchain." To date, the Securities and Futures Commission has licensed 12 virtual asset trading platforms, with compliant institutions offering digital asset trading services through integrated account arrangements. While trading platform licenses address "transaction compliance," stablecoin licenses resolve "compliance of on-chain capital carriers." Together, they form a complete digital asset market infrastructure in Hong Kong.
Hong Kong's stablecoin initiative will strengthen its position as an "offshore testing ground" for China’s digital finance, unlocking growth potential in the digital asset space. The strategic significance lies in its role as an offshore experimental zone for China’s digital financial innovation. Against the backdrop of the U.S. formalizing a regulatory framework for digital stablecoins with the enactment of the Talent Act in July 2025, Hong Kong’s stablecoin rollout will significantly support the internationalization of the renminbi and diversification of its payment system. Hong Kong’s stablecoin and China’s digital yuan are more likely to complement rather than compete with each other, with the former serving as a circulation tool in compliant offshore scenarios and the latter representing the digitization of sovereign currency.
The licensing of stablecoins will reshape the digital asset ecosystem, bridge traditional finance and digital assets, enhance market compliance and stability, and accelerate industry consolidation. In the long run, Hong Kong’s stablecoin licensing framework will solidify its role as Asia’s compliant digital asset hub, promoting standardized development of global stablecoins.
Cross-border payments and real-world applications are expected to be policy priorities, potentially upgrading the efficiency of traditional financial systems. The introduction of stablecoin licenses will drive technological upgrades in traditional finance, focusing on practical use cases such as cross-border payments, retail transactions, supply chain finance, and smart contract settlements. The integration of compliant stablecoins into existing account, payment, and trading systems may reduce intermediaries and costs, addressing issues like slow processing, high fees, and long settlement times in traditional systems.
Hong Kong’s pioneering licensing move represents a significant step in global stablecoin regulatory competition, with licenses themselves expected to carry scarcity premiums. The high barriers, slow pace, and limited number of licenses imply inherent scarcity. Primary beneficiaries include licensed issuance and trading infrastructure providers. The core value lies not only in stablecoins but also in supporting capabilities such as custody, clearing, market-making, distribution, compliance monitoring, and institutional access. The licensing of banking institutions highlights a regulatory preference for a "bank-led, technology-supported" approach, leveraging banks’ inherent strengths in reserve custody, institutional clearing, and corporate on-chain account services. A mature Hong Kong stablecoin system will also create broader opportunities for the digital yuan’s cross-border application, offshore circulation, and settlement expansion. However, license issuance does not guarantee immediate demand growth, as stablecoin adoption still heavily depends on integration with compliant trading platforms and time to scale in areas like cross-border e-commerce, retail payments, and supply chain finance.
Risk analysis includes potential underperformance of license implementation and uncertainties in regulatory policies and jurisdictional restrictions.
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