<div id="readability-page-1"><div><p>Stablecoins are eating into cross-border payments, and a Hong Kong-listed company has already laid the groundwork. In 2025, the global stablecoin market capitalization exceeded $230 billion, with on-chain transaction volume surpassing traditional payment giant PayPal. But the truly noteworthy change is not on-chain, but off-chain: Stablecoins are transforming from an internal tool for crypto transactions into the infrastructure for cross-border payments for businesses. This transformation is happening faster than most people imagine. OSL Group (863.HK), a digital asset platform listed on the Hong Kong Stock Exchange's main board, saw its core operating revenue increase by 150.1% year-on-year in 2025, reaching HK$534 million. The platform's total transaction volume exceeded HK$201.2 billion, more than doubling year-on-year. But the most crucial figures are hidden in the structure: Stablecoin trading volume accounts for 60% of the platform's trading-related volume, and overseas revenue accounts for 67%. In other words, more than half of this company's business is no longer about helping people speculate on Bitcoin, but about helping businesses move money using stablecoins. This isn't just the story of an exchange. This is a company that is rebuilding global capital flow channels using compliance licenses and stablecoin payments. Stablecoin payments: not transfers, but rebuilding channels. Stablecoins have been in the crypto market for seven or eight years, and for most of that time they've been doing the same thing: acting as a lubricant between trading pairs. You sell ETH, receive USDT, and then buy BTC. It's the base currency for exchanges, a substitute for the US dollar in the on-chain world. But starting in 2024, things began to change. More and more businesses found that stablecoins were far more efficient than traditional banking channels for payments and cross-border settlements. The reason isn't complicated: a cross-border remittance through the SWIFT system takes an average of 1 to 5 business days, has high fees, and incomplete coverage, especially in emerging markets. A payment from Hong Kong to Nigeria might go through three or four intermediary banks, each adding its own markup. The advantage of stablecoins is straightforward: 24/7 operation, funds arrive in minutes, and costs are almost negligible. For SMEs that handle large amounts of cross-border payments every quarter, this isn't just technological hype; it's real money saving. The problem lies in the significant gap between &#34;transferring USDT on-chain&#34; and &#34;a company actually completing a compliant cross-border payment.&#34; You need a compliant stablecoin, fiat currency deposit and withdrawal channels, access to local payment networks, multi-currency exchange capabilities, and most importantly—a license recognized by regulatory agencies. This is precisely what OSL is doing. In February 2026, OSL launched USDGO, an enterprise-grade USD stablecoin issued by Anchorage Digital, the first US-based crypto bank to receive a federally licensed certificate. It is regulated by the Office of the Comptroller of the Currency (OCC) and its reserves are primarily US Treasury bonds and cash. This is not just another copycat move of &#34;I want to issue a stablecoin too.&#34; USDGO follows a path of issuance under US federal regulation and compliant distribution in Asia, with a clear goal: to provide enterprise clients with a stablecoin they can confidently use. But simply having a coin isn't enough. OSL BizPay is a one-stop stablecoin payment solution for businesses, allowing merchants to accept crypto payments and settle directly in local fiat currency. StableHub serves as the central hub for stablecoin exchange, supporting high-speed conversions between different stablecoins and fiat currencies. Furthermore, with the acquisition of Banxa in January 2026, a Web3 payment infrastructure provider with extensive payment licenses in North America, Europe, the UK, and Australia, OSL has completed the final mile of fiat currency access. In short, OSL isn't just building a product, but a complete pipeline from on-chain to bank accounts. USDGO is the water in the pipeline, BizPay is the tap for enterprises, StableHub is the central dispatch station, and Banxa is the interface connecting to the global banking system. This also explains why payment business will become the core engine of OSL's annual growth in 2025. The 60% share of stablecoin trading volume is not accidental, but a signal that this pipeline system is starting to work. Why do institutions choose OSL: Compliance is the most expensive ticket? Some may ask: OSL is not the only stablecoin payment platform, so why do institutions choose it? The answer is not because OSL has lower fees, nor because it lists more cryptocurrencies. On the contrary, OSL currently only supports BTC and ETH trading on the retail side, demonstrating extreme restraint. The real reason institutions choose OSL can be summed up in two words: compliance. In December 2020, OSL became the first digital asset platform in Hong Kong to obtain Type 1 and Type 7 licenses from the Securities and Futures Commission (SFC). In 2023, after Hong Kong implemented a new regulatory framework for virtual asset trading platforms, OSL also obtained an AMLO VASP license, becoming one of the first platforms authorized to provide services to retail investors. As of early 2026, the group has obtained more than 50 licenses and registrations in more than 11 jurisdictions worldwide. The value of these licenses lies not on paper, but in the operational details. According to SFC regulations, OSL must store 98% of its client assets in cold wallets, with hot wallets accounting for no more than 2%. Data from 2024 shows that OSL's custody solution in Hong Kong has an insurance coverage of up to US$1 billion. More importantly, client assets are held in trust through a wholly-owned subsidiary, legally completely separated from the platform's own assets. Even if the platform goes bankrupt and is liquidated, client assets are not subject to liquidation. For institutions managing billions of dollars, these are not advantages, but bottom lines. This is why OSL secured approximately 64% of the custody and trading share when Hong Kong's virtual asset spot ETFs were listed. When traditional mutual funds like Bosera and China Asset Management choose digital asset custodians, their primary consideration is always &#34;Is it safe to keep the money with you?&#34; OSL answered this question with SOC 2 Type 2 certification, a bankruptcy remote trust, and a $1 billion insurance coverage. In 2025, OSL further became the sole custodian and trading platform for Asia's first Solana spot ETF, and in the same year, it also distributed Asia's first retail tokenized fund—the Huaxia Hong Kong Dollar Digital Currency Market Fund. Also in 2025, OSL completed a $300 million equity financing, setting a record at the time for the largest equity financing in the Asian digital asset industry outside of India and Japan; in 2026, the company completed another $200 million equity financing. These two capital market moves not only provided ample ammunition for the company to expand its international compliant payment business, but also further enriched the company's strategic long-term shareholder base, demonstrating the favor of institutional investors. Compliance is not a cost, but a moat. In an industry where even large offshore exchanges can have their assets frozen overnight, OSL's 50+ licenses are all barriers built with time and money. Newcomers wanting to replicate this model will face years just for the license application process. OSL's executives also possess extensive industry experience; their resumes include experience at Google, Morgan Stanley, Goldman Sachs, and numerous digital asset platforms and projects, giving the company a unique advantage of combining Web3 expertise with traditional financial knowledge. OSL's current transformation and repositioning as a &#34;global stablecoin payment and trading platform&#34; is not just marketing rhetoric, but a tangible revenue structure reflected in its 2025 financial report. The Other Side of the Coin Of course, making the OSL story too smooth would be unrealistic. In fiscal year 2025, OSL suffered a net loss of HK$388 million. The same period of the previous year saw a profit of HK$54.8 million. Numerically, this is a rather striking reversal. However, breaking down the loss reveals that it primarily consisted of: human and IT investments in global expansion, integration costs from the Banxa acquisition, license application fees in multiple jurisdictions, and fluctuations in the fair value of its digital assets. Many of these were one-off expenses. This wasn't a passive loss, but rather a proactive choice made in line with the macroeconomic cycle. While revenue hit a record high, losses widened, a phenomenon not uncommon for high-growth tech companies. The real question is: can these investments translate into economies of scale? The market seems to be giving initial positive signals. Total revenue in 2025 reached HK$489 million, a year-on-year increase of 30.4%. Core operating income reached HK$534 million, an increase of 150.1%. Platform transaction volume reached HK$201.2 billion, more than doubling. Overseas revenue jumped from almost zero to 67%. These figures indicate that the expansion funds were indeed spent on areas that generated revenue. It is worth noting that OSL uses the net method for revenue recognition, recording only the actual price difference and commission earned, rather than counting transaction volume as revenue. This means its HK$489 million revenue is of higher quality than some of its peers calculated using the gross method. In Hong Kong, OSL's most direct competitor was HashKey. The difference in their approaches is quite interesting: OSL follows the &#34;compliant infrastructure provider&#34; route, making money through licenses, payment networks, and institutional services, with a low-key and restrained style. HashKey, on the other hand, is more like a &#34;traffic ecosystem&#34; model, issuing its ecosystem token HSK, building a public blockchain, and engaging in frequent community interaction. In 2025, HashKey's total transaction volume reached HK$590.8 billion, but its net loss during the same period reached HK$1.087 billion. Currently, the two are beginning to decouple. HashKey continues to focus on on-chain native finance, based in Hong Kong, and betting on the crypto ecosystem, but is expected to face the dual challenges of market volatility and competition from peers. OSL, on the other hand, has chosen to fully commit to internationalization, betting on a compliant stablecoin ecosystem, using both payments and transactions as its two pillars, connecting Web2 and Web3, hoping to mitigate the impact of market volatility. However, its growth potential will be affected by international regulatory policies and the implementation of the stablecoin ecosystem. It's too early to conclude which path will prevail. But one thing is certain: in the stablecoin payment sector, institutional clients' decisions currently indicate a preference for compliance. Summary The competition in stablecoin payments has only just begun. The global regulatory framework is still taking shape, and corporate demand is still being released. Whoever can simultaneously excel in compliance, product development, and global network development will hold the next big advantage. OSL, at least, is already at the table. Pipelines aren't sexy. But every transaction has to go through a pipeline.</p></div></div>

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<p>Stablecoins are increasingly impacting cross-border payments, with OSL Groupleading the charge. In 2025, OSL's revenue surged by 150.1% to HK$534 million, driven by stablecoin trading, which constitutes 60% of its volume. The company is transforming stablecoins from speculative tools to essential infrastructure for businesses, offering compliant solutions like USDGO and OSL BizPay. This shift allows for faster, cheaper transactions compared to traditional systems like SWIFT. OSL's focus on compliance and regulatory licenses positions it as a preferred choice for institutions in the evolving digital payment landscape.</p>

- The global stablecoin market, exceeding $230 billion, is reshaping cross-border payments, with OSL Group leading the change through its compliance-driven infrastructure.  
- OSL's innovations, including the launch of the USDGO stablecoin and its BizPay solution, cater to businesses needing efficient, regulated payment options, emphasizing the importance of compliance in attracting institutional clients.  
- Despite a net loss of HK$388 million in 2025, OSL's revenue growth and strategic investments indicate a commitment to becoming a comprehensive player in the stablecoin ecosystem as regulatory frameworks continue to evolve.

Stablecoins are killing SWIFT. Someone has already laid the pipeline.