Bank of China (Hong Kong) Limited (referred to as "BOC Hong Kong") officially announced its intention to apply for a stablecoin issuance license, striving to become one of the first approved institutions. This move marks the acceleration of Chinese financial institutions entering the digital asset market, further strengthening Hong Kong's position as a global financial center. The Hong Kong Monetary Authority (HKMA) launched the "Stablecoin Regulation" on August 1, requiring all fiat-referenced stablecoin (FRS) issuers to obtain a license, with the deadline for the first batch of applications set for September 30. As of now, the HKMA has not issued any licenses, but the market expects the first licenses to be granted in early 2026.

BOC Hong Kong's application plan stems from its strategic layout in Hong Kong's emerging digital financial ecosystem. As one of the three major note-issuing banks in Hong Kong (the other two being HSBC and Standard Chartered), BOC Hong Kong possesses a strong financial infrastructure and a large customer base, with total assets exceeding HKD 3 trillion. This action not only reflects the proactive embrace of blockchain technology by Chinese state-owned banks but may also promote the application of stablecoins in cross-border payments, supply chain finance, and digital asset settlement. According to analysis by the CoinCu research team, such regulatory measures are expected to enhance financial transparency and stability, similar to the significant increase in crypto asset trading volume following the issuance of licenses for virtual asset trading platforms in Hong Kong.

Accelerated Regulatory Framework: From Legislation to Sandbox Testing

The regulatory process for stablecoins in Hong Kong is progressing rapidly. On May 21, 2025, the Hong Kong Legislative Council passed the "Stablecoin Bill," which was officially published on June 6, establishing a licensing system for FRS issuers. The regulation took effect on August 1, aiming to prevent systemic risks through strict reserve asset management, redemption mechanisms, and risk control, while protecting the interests of investors and the public. The HKMA emphasized that stablecoin issuers must ensure that reserve assets are fully backed, highly liquid, and must not pay interest or similar returns to avoid overlap with traditional deposit products.

To promote innovation, the HKMA launched a stablecoin issuer "sandbox" program as early as March 2024. By May 2025, the first batch of participants included JD Coinlink Technology Hong Kong Limited, RD InnoTech Limited, and a consortium of Standard Chartered (Hong Kong), Animoca Brands, and Hong Kong Telecom (HKT). These institutions tested reserve asset management, redemption processes, and blockchain applications in the sandbox, with a cumulative transaction value exceeding hundreds of millions of HKD. Although BOC Hong Kong has not publicly disclosed details of its sandbox participation, its application plan aligns closely with these tests, and it is expected to focus on HKD-pegged stablecoins to support local payments and international settlements.

HKMA Deputy Chief Executive Chen Delin stated in a media briefing on July 29 that the first batch of licenses will be "limited in number," primarily targeting HKD and USD-pegged stablecoins, while offshore RMB-pegged stablecoins must have clearly defined use cases and reserve assets. Applicants must meet minimum standards, including a registered capital of no less than HKD 25 million, appointing a CEO and stablecoin manager based in Hong Kong, and implementing anti-money laundering (AML) and counter-terrorism financing (CFT) measures. The HKMA released two consultation documents on May 26: "Draft Guidelines for Licensed Stablecoin Issuer Supervision" and "Consultation Document on AML and CFT Requirements," with the consultation period ending on June 30.

Intensifying Institutional Competition: BOC Hong Kong Takes the Lead, Many Giants Follow

BOC Hong Kong's entry is not an isolated case but a reflection of the intensifying competition in Hong Kong's stablecoin market. Standard Chartered (Hong Kong) announced on August 8 that it has established a joint venture, Anchorpoint Financial, with Animoca Brands and HKT, formally expressing interest in applying to the HKMA. This joint venture will participate in sandbox testing starting July 2024, aiming to issue HKD-pegged stablecoins to support the integration of Web3 and traditional finance. Ant International announced on June 12 that it would apply for an FRS issuance license through its overseas subsidiary, targeting a global presence, including Singapore and Luxembourg.

Additionally, JD Group Chairman Liu Qiangdong publicly stated that he hopes to reduce cross-border payment costs by 90% through stablecoins, with settlement times shortened to under 10 seconds. Even China National Petroleum Corporation (PetroChina) revealed on August 29 that it would assess the feasibility of a Hong Kong stablecoin license, exploring the application of RMB-pegged stablecoins in energy trade, with an annual trade volume of nearly 300 million tons. According to China Daily, over 40 institutions, including major internet companies, financial giants, and payment processors, are preparing to submit applications, with BOC Hong Kong and Standard Chartered expected to be among the first approved.

This wave of institutional influx is attributed to Hong Kong's policy dividends. Financial Services and the Treasury Bureau Secretary Xu Zhengyu stated that the authorities aim to issue licenses within the year, although the number will be limited (expected to be in single digits), it will help Hong Kong become a global digital asset hub. In line with global trends, the EU's MiCA regulation has come into effect in 2024, the US GENIUS Act is also progressing, and Japan and Singapore have similar frameworks.

Far-reaching Market Impact: Opportunities and Challenges Coexist

BOC Hong Kong's stablecoin plan is expected to trigger a chain reaction in the crypto market. The total market value of stablecoins has reached USD 232 billion, primarily used for crypto trading and DeFi. In Hong Kong, regulating stablecoins can enhance trading volume and promote innovation in tokenized assets (such as bonds and trade financing). A KPMG report indicates that Hong Kong banks are exploring wholesale CBDC and asset tokenization through the Project Ensemble initiative, with participants including BOC Hong Kong, HSBC, and Standard Chartered. Experts predict that such measures could save billions of HKD in costs for cross-border payments each year and attract more FinTech talent.

However, challenges cannot be ignored. High compliance thresholds may raise costs for small and medium-sized issuers, and the OTC market (such as street crypto exchange shops) still has regulatory blind spots. The attitude of mainland China towards stablecoins is ambiguous, having briefly halted related discussions in August to prevent fraud risks. Additionally, reserve asset management must strictly isolate customer assets to avoid a repeat of the 2022 TerraUSD collapse.

Looking Ahead: Hong Kong Leads the Asian Digital Finance Wave

BOC Hong Kong's application is not just a strategic move for a single bank but a milestone in the transformation of Hong Kong and even Asia's digital economy. HKMA President Yu Weiwen emphasized in a speech on June 23 that stablecoins will "unlock financial connectivity potential," helping Hong Kong maintain its status as an international financial center. As the September 30 application deadline approaches, market attention is focused on the list of the first approved applicants. This "stablecoin race" may reshape the global digital asset landscape, promoting a shift from a dollar-dominated system to a diversified multi-currency approach.

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