Imagine the financial director of a 3C export company in Dongguan gently tapping the screen. What dances on the screen is not just numbers, but "lifesaving money"—a million-dollar payment urgently needed for raw materials to a supplier in Vietnam, penetrating borders in just 10 seconds, costing only a tenth of what it used to. "Waiting for a bank transfer used to feel like waiting for a 'dragon crossing the river'; now, with a click, it arrives in 'seconds'." Behind this sentiment is the Hong Kong stablecoin settlement system quietly reshaping the financial lifeline of tens of thousands of mainland enterprises.

1. The Pain: The "Three Mountains" of Cross-Border Financing For outward-oriented mainland enterprises like 3C export companies, every step of "going overseas" is accompanied by the heavy gasps of funding.

Time Mountain

The snail-paced flow of funds relies on traditional banks and the SWIFT system, with cross-border remittances taking 3-5 days. Orders come in, but the money is stuck on the way, watching business opportunities slip away, raw material prices rise, and production lines halt. "A 72-hour exchange rate fluctuation window is enough to eat away at slim profits." A delay in remittance can lead to missing the procurement window for key components, causing factories to shut down for two weeks, resulting in heavy losses.

Cost Mountain

Sky-high fees Starting from 3% for cross-border fees, complicated telegraphic transfer fees, and intermediary bank charges… layer upon layer of skinning. Coupled with high supply chain financing rates (annualized 7%-8%), nearly 20% of financing costs are consumed by "friction." "After working hard to secure orders, the profits all go to the bank's channels." This is the helplessness of many small and medium-sized foreign trade business owners.

Threshold Mountain

An insurmountable credit gap Small and medium-sized enterprises lack collateral and have weak credit records, often being turned away by banks. Even if approved, the lengthy 45-day approval process leaves enterprises in urgent need of cash waiting in vain. The tight funding chain has become a Damocles sword hanging over their heads.

2. The Breakthrough Tool: The "Trust Foundation" and "Technical Engine" of Hong Kong Stablecoins The turning point began in Hong Kong. In May 2025, the Hong Kong Legislative Council passed the globally watched "Stablecoin Ordinance," building a solid "trust moat" for financial innovation. 100% fiat currency reserves, transparent and trustworthy. The new regulations strictly require that all stablecoin issuances must be fully backed by equivalent fiat currencies (such as Hong Kong dollars, offshore renminbi, and US dollars), prohibit leveraged operations, and implement daily audits with public disclosures.

This completely dispels users' doubts about "air coins" and "insufficient reserves," contrasting sharply with certain dollar stablecoins with mysterious reserves. Blockchain empowerment, efficiency revolution. The underlying technology of this system is efficient blockchain public chain technology. Cross-border settlement is no longer "horse-drawn delivery," but upgraded to "digital high-speed rail." Multi-currency stablecoin wallets developed by institutions like Ant Group and Standard Chartered Bank support one-click exchanges between renminbi, Hong Kong dollars, and US dollars, making operations as convenient as daily payments.

Ecosystem emerging, scenarios landing. The transformation has quietly integrated into life in Hong Kong: subway turnstiles and convenience stores have quietly adopted stablecoin payments. More profoundly, innovations like the "Yanji Pilot"—merchants from China, South Korea, and Russia bridging their points systems through stablecoins, allowing consumers to make cross-border payments using local points—are silently breaking the ice of foreign exchange controls, opening new paths for commercial circulation.

3. The Accounting Revolution: Visible and Tangible "Real Gold and Silver" The settlement of Hong Kong stablecoins brings not just castles in the air, but real, tangible movements on corporate balance sheets. Cost "cliff-like" drop. Southeast Asian fruit traders: a durian procurement payment, with fees dropping from $1,800 to just $3. Imagine if Middle Eastern trading partners adopted JD's JD-HKD stablecoin for settlement, the expected order volume would surge by more than three times, and "exchange rate losses would vanish overnight."

Efficiency "exponentially" leaps. Malaysian suppliers have achieved T+0 (instant) financing with blockchain electronic warehouse receipts, with annualized rates as low as 3.5%. Export enterprises' accounts receivable are "tokenized" on the chain, compressing the original 45-day bank financing approval process to an astonishing 2 hours. Financing "capillaries" have been opened. With real, immutable order and logistics data on the blockchain, enterprises successfully obtain million-dollar financing in "seconds," with rates 4 percentage points lower than bank loans. "In the past, we sought banks; now the system 'recognizes' real business."

4. The Rise of the Ecosystem: Beyond Cost Reduction, a "New Pivot" for Renminbi Internationalization The strategic value of Hong Kong stablecoins far exceeds the optimization of individual corporate balance sheets. Renminbi internationalization "technology accelerator." The successful testing of stablecoins like JD-HKD in Hong Kong is forming a synergy with the digital renminbi cross-border system (such as the mBridge project). If Middle Eastern countries use renminbi stablecoins to settle part of their oil transactions, avoiding US dollar exchange rate risks; countries like Russia, restricted by SWIFT, can significantly enhance asset security by collecting payments on-chain.

Hong Kong stablecoins have become an efficient digital carrier for the renminbi's "going out." Building an "offshore renminbi stablecoin" ecosystem aims to cover core trade areas like ASEAN (accounting for nearly 38% of China's foreign trade volume). Hong Kong is striving to create a system that connects digital renminbi at the front end and forms a stablecoin settlement closed loop at the back end, providing a safe and efficient "Plan B" to bypass the traditional US dollar hegemony system. The "Yanji Model" border inspiration. As the country's first "blockchain + stablecoin" border trade pilot, Yanji connects thousands of merchants from China, South Korea, and Russia through a cross-border points system, validating the model's penetration in complex border trade scenarios. The "Cross-Border Stablecoin Compliance Operation Guidelines" formulated by the team of the nationally recognized blockchain and fintech expert Academician Li Lizhong is pushing successful experiences to national ports, casting a key vote for China's participation in the global digital asset rule-making.

5. Future Race: A New Blue Ocean of Opportunities and Challenges The track for Hong Kong stablecoins has become fiercely competitive.

★ License competition is heating up: Giants like JD, Ant Group, and Lakala are fiercely competing for the first batch of limited licenses in the sandbox.

★ Market prospects are enticing: The Hong Kong stablecoin market is expected to exceed $50 billion by 2026, with its annual settlement volume reaching $35 trillion (twice that of Visa), accelerating the diversion of $200 billion in traditional cross-border business. Challenges cannot be ignored.

★ Policy implementation risks: Key license approvals (in Q4 2025) need close attention.

★ International competition intensifies: The US "Stablecoin Act" aims to rebuild the "offshore dollar system" with 100% dollar reserves, with undercurrents in the standards competition.

★ Dominance of technical standards: The upgraded blockchain cross-border settlement system of Jinzheng Co., Ltd. and the AOM (Production Material Identification) standard promoted by Quan Shi International in Yanji are all vying for the discourse power of future global digital trade infrastructure.

The Hong Kong stablecoin settlement system is not just about reducing financing costs for enterprises; it is also reshaping the "speed" and "cost" metrics of global capital flows, paving a more efficient and economical "digital silk road" for Chinese enterprises to participate in global competition.

This silent financial genetic transformation is profoundly changing the lifeline of mainland enterprises going overseas in the summer of 2025.

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