Unexpected upset! Central enterprises lead the first batch of stablecoin licenses in Hong Kong, with risks of JD and Ant Group being sidelined increasing.

A war without gunpowder is quietly unfolding in the meeting room of the Hong Kong Monetary Authority. Since June 2025, over 50 institutions have intensively visited, all vying for the first batch of stablecoin issuance licenses in Hong Kong. With the new regulatory policies officially implemented, state-owned enterprises, the "national team," are becoming the strongest frontrunners thanks to their full financial licenses and vast cross-border application scenarios, while private tech giants like JD.com and Ant Group face the risk of being eliminated.

State-owned enterprises break through strongly, the competition for stablecoin licenses has entered a white-hot phase

With the Hong Kong stablecoin regulatory system officially taking effect on August 1st, the market competition landscape is gradually becoming clear. Players from the "national team" such as CITIC Group and energy state-owned enterprises, due to their full financial licenses, cross-border payment experience, and real application scenarios, have gained regulatory favor. In particular, stablecoins pegged to the offshore Renminbi (CNH) are expected to fundamentally change the efficiency of traditional cross-border settlement, saving state-owned enterprises massive costs each year and supporting the internationalization strategy of the Renminbi.

JD Ant faces regulatory challenges, competitive licensing advantages no longer exist

Despite JD.com and Ant Group actively participating in sandbox testing to promote the Hong Kong dollar stablecoin and technological innovation, in the offshore renminbi stablecoin sector, state-owned enterprises enjoy a natural advantage due to their capital strength, risk management, and coordination with national strategies. Regulatory authorities have very high requirements for issuers' capital, compliance, and risk control. It is expected that the first batch of CNH stablecoin licenses will be prioritized for Chinese institutions backed by national credit, potentially marginalizing private technology giants.

Hong Kong's New Positioning Under the Stablecoin Revolution, Accelerating the Internationalization of the Renminbi

Hong Kong is actively building the world's first sovereign currency stablecoin compliance pilot zone, striving to open new paths for the tokenization of real-world assets (RWA) and the internationalization of the Renminbi. The "integration of industry and finance" closed-loop advantages of central enterprises such as CITIC Group will provide efficient settlement solutions for essential scenarios like bulk commodities and energy trading. The implementation of stablecoins not only enhances financial efficiency but also has the potential to reshape the international financial order, empowering Hong Kong's strategic position in the global digital finance landscape.

Future Outlook: Pioneers of the New Era Will Define the Financial Landscape

When the first batch of stablecoin licenses is issued early next year, the winners will not only be individual enterprises but also pioneers of the new era of digital finance. The victors of this monetary revolution will hold the entry ticket to a trillion-level blue ocean market and possess key discourse power in the process of RMB internationalization. Although technology giants like JD.com and Ant Group have advantages at the technical level, state-owned enterprises are clearly superior in terms of compliance and strategic collaboration.

Conclusion

The competition for Hong Kong stablecoin licenses has entered a critical moment. Central enterprises, leveraging their full financial licenses and national strategic advantages, are expected to become the first batch of winners. This will not only change the landscape of cross-border settlement but also promote the internationalization process of the renminbi. In the future, whoever crosses the finish line first will have the opportunity to define a new order for global digital finance.