In 2025, the Hong Kong region plays an increasingly important role in the global digital asset space, particularly in stablecoins and real-world asset tokenization (RWA). Its forward-looking regulatory framework and proactive market initiatives have attracted global attention. From the formal implementation of the "Stablecoin Ordinance" to the active positioning of tech giants like Ant Group and JD.com, as well as high praise from international investment banks and experts, Hong Kong is accelerating its emergence as a key hub in the Web3 era. This article will outline the significant milestones in Hong Kong's stablecoin sector in 2025 and provide an in-depth analysis of the development trends and future potential of the digital asset field in Hong Kong, combined with commentary from international investment banks and experts.
2025 is a milestone year for the development of stablecoins in Hong Kong, marked by a series of significant events that signify the maturity of its regulatory framework and the prosperity of its market ecosystem:
May 21, 2025: The Hong Kong Legislative Council passed the "Stablecoin Ordinance" in its third reading, establishing a licensing system for stablecoin issuers, strengthening reserve management and investor protection, and consolidating Hong Kong's status as an international financial center.
May 30, 2025: The Hong Kong "Stablecoin Ordinance" officially came into effect, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This initiative is regarded by the industry as one of the most significant measures for stablecoin regulation globally, clearly introducing statutory reserve management and redemption mechanisms.
February 10, 2025: The Hong Kong Monetary Authority released a progress report on the stablecoin sandbox testing, with the first batch of sandbox participants, including JD Coin Chain Technology, completing the first phase of testing and entering the second phase, focusing on cross-border payment and retail scenario applications.
April 23, 2025: JD.com released the "2025 JD Merchant Growth White Paper," announcing a new merchant support plan while advancing stablecoin sandbox testing, demonstrating its dual-line strategy in the e-commerce and fintech sectors.
June 12, 2025: Ant Group's Ant International and Ant Digital announced plans to apply for a stablecoin issuance license in Hong Kong, aiming to accelerate global treasury management and blockchain technology applications, further heating market interest in the stablecoin sector.
June 26, 2025: The Hong Kong region released the "Digital Asset Development Policy Declaration 2.0," marking a systematic upgrade phase for local Web3 regulation and ecosystem strategy. The declaration focuses on four major directions—legal regulatory optimization, tokenized product expansion, application scenario promotion, and talent and cooperation development—clearly identifying stablecoins and real-world assets (RWA) as key areas for the next phase. Additionally, the Hong Kong government plans to normalize the issuance of tokenized bonds, supporting the tokenization of RWAs such as gold, electric vehicles, and green energy, and plans to grant stamp duty and profits tax exemptions for tokenized ETFs.
Driven by policy, over 40 brokerage firms have upgraded their virtual asset licenses, with firms like Guotai Junan International, Futu, and Tianfeng International receiving approvals to connect to licensed exchanges (such as HashKey) through comprehensive accounts, providing users with mainstream cryptocurrency trading services. HashKey revealed that its Omnibus service has covered 90% of Hong Kong's licensed brokerages, with trading volume exceeding HKD 30 billion within six months. On the market side, companies like Ant Digital, JD.com, and Xiaomi Tianxing Bank are intensively laying out stablecoin and RWA pilot projects.
Hong Kong's active exploration and progress in the stablecoin sector have received high recognition from international investment banks and experts:
Stephen Roach, Chief Economist at Morgan Stanley (June 25, 2025): Believes that the implementation of Hong Kong's "Stablecoin Ordinance" provides a compliance foundation for companies like JD Coin Chain Technology, and the low-cost advantage of stablecoins in cross-border payments will drive their rapid adoption, but warns of the impact of fraud risks on market confidence.
Laura Chen, Asia-Pacific Fintech Analyst at UBS Group (June 20, 2025): Points out that JD Coin Chain Technology's stablecoin project demonstrates the ambitions of Chinese tech companies in the Web3 space, and the smooth progress of the sandbox testing lays the groundwork for future licensing, suggesting that investors pay attention to its cross-border payment application potential.
Alex Wong, Head of Blockchain Research at Goldman Sachs (June 15, 2025): Emphasizes that the rapid development of the stablecoin market has attracted global companies to enter, and JD.com is expected to secure a position in the retail payment sector through its e-commerce ecosystem advantages, but needs to enhance investor education to address fraud risks.
Emily Lau, Asia-Pacific Market Strategist at Citibank (June 10, 2025): Believes that Hong Kong's regulatory framework sets a benchmark for the stablecoin industry, and JD Coin Chain Technology's statement indicates its emphasis on compliance, expecting its stablecoin to be officially launched by the end of 2025, which is worth watching.
Michael Harris, Global Financial Innovation Analyst at Barclays (June 5, 2025): Emphasizes that the compliance process for stablecoins will promote the development of the Web3 ecosystem, and JD Coin Chain Technology needs to eliminate market concerns about fraud through transparent communication and regulatory cooperation to enhance investor trust.
On June 29, Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, reiterated in a television program that digital assets are an inevitable trend, and stablecoins are tools for financial development, not for making money or getting rich. He pointed out that the circulation of stablecoins on the blockchain helps improve the efficiency and speed of financial activities, making the real economy more efficient. The government fully understands the risks that stablecoins may pose to international monetary sovereignty, thus having a clear regulatory concept, requiring stablecoin issuers to have certain capital or reserves, and regulating the redemption time of stablecoins to ensure that purchasers or institutions can redeem their currency.
The "Digital Asset Development Policy Declaration 2.0" clearly identifies stablecoins and real-world assets (RWA) as key areas for the next phase. The Hong Kong government is not only at the forefront of the stablecoin licensing mechanism but is also actively promoting the tokenization of RWAs by normalizing the issuance of tokenized bonds and supporting the tokenization of RWAs such as gold, electric vehicles, and green energy, and even plans to grant stamp duty and profits tax exemptions for tokenized ETFs.
This strategic layout aims to establish Hong Kong as a global center for RWA tokenization. Conflux and Ant are collaborating to promote the tokenization of green energy assets, and Longxin Group is also bringing charging pile RWAs to Hong Kong. These cases indicate that Hong Kong is accelerating the practical application of RWAs through policy guidance and market incentives. The policy declaration 2.0 also clearly states that it will support Web3 innovation projects through funding programs, with a maximum funding of HKD 500,000 for each eligible project, further stimulating market vitality.
In 2025, Hong Kong's performance in the stablecoin and RWA sectors is remarkable. Its globally leading regulatory framework, proactive market initiatives, and the rush of tech giants to enter have collectively built a vibrant Web3 ecosystem. International investment banks and experts generally have a positive outlook on Hong Kong's future development in the digital asset field, believing it is poised to become a bridge connecting traditional finance and the Web3 world. As stablecoins and RWAs become the core battleground for the next round of institutional competition, Hong Kong is accelerating its entry into a new phase of Web3 characterized by clear regulations and a prosperous ecosystem, and its experiences and models will provide valuable references for other jurisdictions worldwide.
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