Hong Kong's position as a global digital finance hub is increasingly solidified, with its clear regulatory framework attracting global capital. Recently, Hong Kong media reported that Chinese tech giants are actively seeking to collaborate with Hong Kong digital banks to apply for stablecoin licenses, drawing widespread market attention. This trend not only indicates that Hong Kong's stablecoin market will welcome a new landscape but may also accelerate the tokenization process of RWA (real-world assets), igniting a trillion-dollar market.
- Chinese Giants "Landing" Stablecoin Licenses in Hong Kong: Digital Banks Become New Favorites
Cooperation Model: Hong Kong media reports that Chinese tech companies may collaborate with Hong Kong digital banks to apply for stablecoins. Chinese tech giants are among the shareholders of local digital banks, focusing on tokenized asset trading and cross-border payments.
Futu Securities' Exploration: Futu Group's Managing Director, Zeng Yuchao, stated that they will explore allowing users to use stablecoins as platform balances or holding assets to purchase stocks, and assist in handling fiat currency clearing and settlement processes for investment.
Attraction of RWA: RWA refers to the tokenization of real-world assets, especially those that can generate stable income, such as hotel leases, photovoltaic power generation, and even stocks, bonds, and commodities, which can be tokenized through blockchain technology, enabling them to be traded, managed, and circulated on-chain.
"Assigned Homework": Several financial practitioners from Chinese institutions in Hong Kong told Tencent News' "Observation" that they will "attempt to implement RWA projects," with some directly referring to it as "assigned homework," reflecting the importance placed on RWA by their domestic headquarters.
Law Firms Thriving: Some law firms in Hong Kong are seeing an increase in business within the cryptocurrency sector, including King & Wood Mallesons and JunHe Law Offices, making practitioners from Chinese institutions in Hong Kong busier.
RWA Conference Packed: On August 7, Ant Group and other institutions held an industry conference on RWA at the Hong Kong Stock Exchange, attended by Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference and former Chief Executive of the Hong Kong SAR, Leung Chun-ying, and Secretary for Financial Services and the Treasury, Christopher Hui. When the conference opened at 2:30 PM, the venue was packed, with most attendees standing at the back.
- Chinese Financial Institutions in Hong Kong Eagerly Trying RWA: Top-Down Strategic Deployment
"Top Down" Drive: A head of a state-owned enterprise asset management company stationed in Hong Kong told Tencent News' "Observation" that "this wave is actually top down; headquarters hopes that institutions stationed in Hong Kong will try to do RWA to prepare for the ecological development after the issuance of stablecoins."
Pioneers: Chinese institutions such as Huaxia Fund Hong Kong, Taiping Asset Management Hong Kong, Harvest Fund, and Bosera Fund have issued some cryptocurrency products in Hong Kong. Huaxia Fund (Hong Kong) has already issued Bitcoin spot ETFs and Ethereum spot ETFs in 2024, and in February 2025, it issued a Hong Kong dollar money market fund tokenized fund, followed by the launch of a RMB money market fund tokenized fund and a USD money market fund tokenized fund in July this year.
Impressive Performance: As of the market close on August 21, the scale of Huaxia Fund's Bitcoin spot ETF was approximately HKD 2.072 billion. The scales of Harvest Fund and Bosera Fund's Bitcoin ETFs were HKD 260 million and HKD 1.475 billion, respectively. Taiping Asset Management Hong Kong launched its first USD money market fund tokenized product (CPIC Estable MMF) in March this year, with an issuance scale of USD 100 million.
Future Outlook: A head of a Chinese institution in Hong Kong told Tencent News' "Observation" that this is not surprising; in the future, everyone will have to learn about on-chain products. In his view, there may be more financial products going on-chain subsequently.
- The "Fever" of RWA and Rational Reflection: Not All Institutions Are Suitable
"Fever" Theory: Zhou Chenggang, CEO of Taiping Asset Management Hong Kong, told Tencent News' "Observation" that RWA is currently "too hot in Hong Kong; this is a false fever, and we need to be calm." He believes that all financial assets will have the opportunity to go on-chain in the future, but it is currently impossible to predict a specific timeline, as it depends on the development of the entire RWA ecosystem.
Financial Logic and Problem Solving: Not all assets need to go on-chain; asset tokenization must conform to financial logic, and going on-chain is meant to solve specific problems. For underlying assets that are not sufficiently high-quality, even if they go on-chain, their liquidity remains a concern.
Legal Rights and Underlying Assets: RWA is essentially a product built on a complete legal system. Whether it is the rights of investors holding RWA asset tokens or the ownership of the underlying assets corresponding to those rights, clear legal norms are required.
Conclusion:
The collaboration between Chinese tech giants and Hong Kong digital banks to apply for stablecoin licenses is a significant highlight in Hong Kong's digital finance sector. This not only indicates that Hong Kong's stablecoin market will welcome a new landscape but may also accelerate the tokenization process of RWA, igniting a trillion-dollar market. However, behind the RWA boom, there is a need for rational reflection; not all institutions are suitable for participation, and the implementation of RWA must conform to financial logic and solve specific problems. Hong Kong is attempting to seek a balance between strict regulation and innovation to solidify its position as an international digital finance hub.
Related Reading: Hong Kong Confirms Implementation of Basel Crypto Asset Capital Requirements in 2026, Strictly Prohibiting Stablecoin Speculation
Original Article: “Hong Kong Media: Chinese Tech Firms May Partner with Digital Banks to Apply for Stablecoin Licenses”
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