--- title: "Hong Kong Takes the Lead with Stablecoin Ordinance — Which Stocks Stand to Benefit?" description: "Hong Kong's Legislative Council has passed the Stablecoin Ordinance, effective August 1, 2025, establishing a comprehensive regulatory framework for fiat-backed stablecoins. This ordinance requires is" type: "news" locale: "en" url: "https://longbridge.com/en/news/245998676.md" published_at: "2025-06-25T01:53:19.000Z" --- # Hong Kong Takes the Lead with Stablecoin Ordinance — Which Stocks Stand to Benefit? > Hong Kong's Legislative Council has passed the Stablecoin Ordinance, effective August 1, 2025, establishing a comprehensive regulatory framework for fiat-backed stablecoins. This ordinance requires issuers to obtain licenses, maintain 1:1 reserves, and comply with AML/KYC standards. The move positions Hong Kong as a leader in digital finance, potentially benefiting stocks like JD.com, Standard Chartered, and LianLian Digital. However, investors should be cautious of policy uncertainties and market competition as the stablecoin landscape evolves. ## Introduction: A Regulatory Milestone for Digital Finance TradingKey - In May 2025, Hong Kong’s Legislative Council passed and gazetted the Stablecoin Ordinance, which will officially take effect on August 1. As the world’s first full-spectrum regulatory framework for fiat-backed stablecoins, this move not only boosts market confidence but also introduces a new investment theme to the Hong Kong stock market: stablecoin-linked equities. This article breaks down the ordinance’s key provisions, highlights potential beneficiaries in the stock market, and explores future opportunities. ## Key Provisions of Hong Kong’s Stablecoin Ordinance Passed on May 30, 2025, the ordinance outlines the following requirements: \- Licensing: All entities issuing or selling fiat-backed stablecoins in Hong Kong must obtain a license. \- Reserve Assets: Issuers must maintain a 1:1 reserve in high-liquidity assets (e.g., cash or short-term government bonds). \- Asset Segregation: Reserves must be independently custodied and separated from company funds. \- Redemption Rights: Holders must be able to redeem stablecoins at face value under reasonable conditions. \- AML & Risk Controls: Issuers must comply with AML/KYC, auditing, and disclosure standards. This framework gives Hong Kong a first-mover advantage over the U.S. GENIUS Act, positioning the city as a global hub for virtual assets and encouraging integration of stablecoins into real-world use cases like cross-border trade and payments. ## Global Policy Momentum: GENIUS Act & Korea’s Digital Asset Basic Act Following Hong Kong’s lead, the U.S. Senate passed the GENIUS Act on June 17, which now awaits a House vote and President Trump’s signature. Senator Hagerty has stated that Trump is ready to sign the bill once it reaches his desk. Meanwhile, on June 10, South Korea’s ruling Democratic Party introduced the Digital Asset Basic Act, allowing companies with ₩500 million ($370,000) in capital and adequate reserves to issue stablecoins. Kakao has already announced plans to launch a KRW-backed stablecoin, according to the Seoul Economic Daily. This regulatory race among Hong Kong, the U.S., and South Korea is expected to attract talent and capital, fostering a competitive but constructive environment for stablecoin innovation. Other regions like Japan and the EU may soon follow suit. ## Stablecoin-Linked Stocks: Who Stands to Gain? Company Ticker Stablecoin Exposure JD.com-SW 09618.HK Subsidiary JD Chain plans to issue HKD stablecoin Standard Chartered 02888.HK JV with Ant Group and HKT to apply for HKD stablecoin license LianLian Digital 02598.HK Digital payments and stablecoin clearing Linklogis 09959.HK Blockchain-based supply chain finance Yeahka 09923.HK Digital payments and virtual asset integration Everbright Holdings 00165.HK Investor in Circle, issuer of USDC ZhongAn Online 06060.HK Parent of ZA Bank, potential stablecoin reserve bank OSL Group 00863.HK Licensed crypto exchange with stablecoin infrastructure ## Investment Strategy: How to Position \- Short-Term Plays: JD.com and Standard Chartered could benefit directly if granted stablecoin licenses. Monitor regulatory updates closely. \- Mid-Term Opportunities: OSL Group, as Hong Kong’s only listed and licensed crypto exchange, may become a key stablecoin custodian and distributor. \- Long-Term Exposure: LianLian Digital and Linklogis offer indirect exposure through payment and blockchain infrastructure. Their relevance may grow as stablecoin adoption scales. Note: These classifications are dynamic and should be adjusted based on regulatory developments and company disclosures. ## Risks to Watch Risk Type Description Policy Uncertainty Licensing details and implementation timelines remain unclear. Valuation Risk Some stocks may be overhyped relative to fundamentals. Execution Risk Stablecoin applications are still nascent — commercial viability is not guaranteed. Regulatory Shifts Future policy tightening or cross-border conflicts could disrupt progress. Market Competition The space is crowded — only well-capitalized players may survive. Investors should prioritize companies directly tied to issuance or reserve services, avoid speculative hype, and diversify across multiple names to manage risk. ## Conclusion The implementation of Hong Kong’s Stablecoin Ordinance marks a turning point for digital finance, offering both regulatory clarity and investment opportunity. As the ecosystem matures, well-positioned companies could thrive — but only if they navigate the evolving landscape with agility and compliance. Find out more ### Related Stocks - [02888.HK - STANCHART](https://longbridge.com/en/quote/02888.HK.md) - [CRCL.US - Circle](https://longbridge.com/en/quote/CRCL.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 渣打集团 (2888.HK)：高位震荡延续，金融板块吸金，全球宏观风险需警惕 | 2 月 3 日，渣打集团全天维持高位震荡，港银板块轻度放量，资金关注上升。英国央行维持利率不变后，全球宽松周期预期升温，金融股热度回升。盘中主力大单多次流入，推动股价稳步运行于短线高位。 技术层面维持强势，分时盘面偶现高位回吐，日内交易活跃 | [Link](https://longbridge.com/en/news/274631077.md) | | 渣打银行（OTCMKTS:SCBFF）的空头头寸显著增长 | 标准 Chartered PLC (OTCMKTS:SCBFF) 的空头头寸显著增加，截止到 1 月 30 日上升了 21.1%，达到 210,583 股。当前的空头比例为 19.2 天，基于平均每日交易量 10,992 股。分析师的观点不 | [Link](https://longbridge.com/en/news/276119010.md) | | 特朗普暗示违法征收的关税不退了，美财长称今年关税收入将 “基本保持不变” | 美国总统特朗普暗示不会退还被最高法院裁定违法的关税，预计 2026 年关税收入将保持不变。特朗普计划签署行政令，对全球商品加征 10% 进口关税，取代被推翻的关税。财长贝森特表示，政府将利用替代法律权力维持关税收入，强调国家安全和财政收入不 | [Link](https://longbridge.com/en/news/276494362.md) | | 最高法裁决后特朗普动用替补选择：加征 10% 全球关税 | 美国总统特朗普在最高法院裁决后宣布将加征 10% 的全球关税，以补救被推翻的关税措施。根据《1974 年贸易法》第 122 条款，现有的关税将全面生效。最高法院裁定特朗普政府的部分关税措施缺乏法律授权。市场风险提示，投资需谨慎。 | [Link](https://longbridge.com/en/news/276477629.md) | | 渣打集团（2888.HK）：高开新高后回落，需警惕高位资金获利回吐 | 渣打集团昨日高开上攻，盘中突破阶段新高，带动银行板块整体升温。得益于利差改善、全球金融监管趋稳等行业利好，板块内资金对龙头银行企业偏好提升。到临近收盘时，主力资金追涨动力减弱，获利盘出逃加剧，全天净流入趋势放缓。 多家机构指出，目前政策面积 | [Link](https://longbridge.com/en/news/274119157.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.