In the context of Hong Kong actively embracing digital assets and striving to build a global Web3 center, its practices in the tokenization of RWA (real-world assets) and stablecoin regulation have once again attracted global attention. On November 18, 2025, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Xu Zhengyu, revealed the latest developments and core principles of Hong Kong in the digital asset field during an exclusive interview with the 21st Century Business Herald. He stated that Hong Kong is exploring the "tokenization" of stable cash flows such as international shipping rents, and clarified that the goal for stablecoin license applications is to start issuing them next year, emphasizing that stablecoins are by no means tools for speculative trading, but rather aimed at addressing pain points in the real economy. This series of statements indicates that Hong Kong is accelerating the push for Web3 to "move from virtual to real," exchanging the strictest regulation for the highest trust, and creating the most compliant digital asset ecosystem globally.

1. New Breakthrough in RWA Tokenization: International Shipping Rents on the Blockchain, Serving the Real Economy

Secretary Xu Zhengyu revealed that Hong Kong is actively exploring the "tokenization" of real assets that generate stable cash flows, such as international shipping rents, directly placing them on the blockchain for investors to subscribe.

New Investment Products: This model not only creates new investment products, allowing more investors to participate in large assets that were previously only accessible to institutions.

Asset Traceability: It can also utilize blockchain technology to achieve full traceability of asset sources and profit distribution, enhancing transparency.

"Moving from Virtual to Real": Xu Zhengyu emphasized that Hong Kong will never limit tokenization to "virtual currency speculation," but will apply it in real economic scenarios such as shipping leasing and corporate fund management, reiterating that the core principle of Hong Kong's development of digital assets is to "move from virtual to real" and serve the real economy.

2. Stablecoin Regulation: Licenses to be Issued Next Year, Extremely Cautious

Regarding stablecoins, Xu Zhengyu confirmed that the "Stablecoin Regulation" has been officially passed, and the licensing applications are currently under intensive review, with the goal of officially issuing licenses starting in 2026.

Non-Speculative Tools: He reiterated, "Stablecoins are by no means tools for speculative trading, but are meant to address pain points in the real economy, especially in cross-border payments."

Limited License Issuance, Cautious Regulation: Therefore, the initial number of licenses issued in Hong Kong will be "very limited," and regulatory authorities will adopt an extremely cautious approach, ensuring that only fully compliant institutions with 100% reserves and funds held by local banks can obtain licenses.

Xu Zhengyu's statements indicate that Hong Kong is attempting to exchange "the strictest regulation" for "the highest trust," aiming to create the most compliant ecosystem for the tokenization of real assets and stablecoins, with the goal of becoming a "digital asset vault" for international funds.

3. Core Principles of Hong Kong's Development of Digital Assets: Serving the Real Economy, Not Speculative Trading

In a recent interview with the mainland's 21st Century Business Herald, Secretary Xu Zhengyu once again clearly responded to the market's most concerned issues regarding asset tokenization (RWA) and stablecoin regulation, reiterating that the core principle of Hong Kong's development of digital assets is to "move from virtual to real" and serve the real economy, rather than becoming a venue for speculative trading.

4. Development of Digital Finance in Hong Kong: Continuous Efforts, Significant Progress

Hong Kong's Financial Secretary, Chen Maobo, pointed out in his essay "Mutual Promotion of Financial Innovation and Technology" that, thanks to the joint efforts of the government and various sectors over the past years, Hong Kong's innovation and technology ecosystem has seen significant development.

Increase in Startups: In the past five years, the number of startups in Hong Kong has increased by 40% to approximately 4,700.

Large Summits Gathered: In the past week, Hong Kong has held several large summits, events, and innovation and technology competitions, gathering leaders and friends from the international finance, investment, and innovation sectors, as well as representatives from multinational companies.

HKMA's "Fintech 2030" Strategy: During Fintech Week, the Hong Kong Monetary Authority announced the "Fintech 2030" strategy, focusing on four key areas: data and payment infrastructure, artificial intelligence, technological resilience, and financial tokenization, proposing more than 40 specific measures, with the goal of developing Hong Kong into a robust, resilient, and forward-looking international fintech hub.

Conclusion:

The latest statements from Hong Kong's Financial Secretary Xu Zhengyu clearly outline Hong Kong's strategic path in the Web3 financial sector. By exploring the "tokenization" of international shipping rents, clarifying the service-oriented positioning of stablecoins for the real economy, and exercising extreme caution in regulation, Hong Kong is accelerating the push for Web3 to "move from virtual to real," striving to build a safe, transparent, and efficient digital asset ecosystem. The upcoming issuance of stablecoin licenses will inject new vitality into Hong Kong's digital asset market, solidifying its position as an international financial center and digital asset hub.

Related Reading: Hong Kong Securities and Futures Commission Takes Strong Action: Strictly Preventing Virtual Asset "Layered Money Laundering," Collaborating with Police to Stop Payments

Original Article: “Hong Kong Financial Secretary Xu Zhengyu: International Shipping Rents to be 'Tokenized,' Stablecoin Licenses to be Issued Next Year”

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