Nano Labs Joins Hong Kong’s Stablecoin Race as Asia Embraces Regulatory Momentum

On June 23, Nano Labs Ltd. (Nasdaq: NA) announced its intention to apply for licenses to issue Hong Kong Dollar (HKD) and offshore Renminbi (RMB) stablecoins, positioning itself among the first movers under Hong Kong’s soon-to-launch stablecoin regulatory framework.

The company plans to build a blockchain-based stablecoin ecosystem focused on security, transparency, and practical financial applications, with operations supported on public blockchains such as Bitcoin and BNB Smart Chain.

Besides Nano Labs, major Chinese companies like JD.com and Ant International are also moving into Hong Kong’s stablecoin space. JD.com plans to launch an HKD-pegged stablecoin by the fourth quarter, starting with business use before expanding to consumers. Meanwhile, Ant International has confirmed its plans to seek stablecoin licenses in Hong Kong under the new regulatory framework.

About Nano Labs

Nano Labs Ltd is a leading Web3 infrastructure provider in China, specializing in high throughput computing (HTC) and high performance computing (HPC) chips. Its proprietary Cuckoo series chips offer an alternative to traditional GPUs. The company has also adopted Bitcoin as its primary reserve asset and provides integrated HTC and HPC solutions.

Hong Kong’s Stablecoin Opportunity

This move comes ahead of the implementation of Hong Kong’s Stablecoin Ordinance on August 1, 2025, as the city positions itself as a regulated digital asset hub.

According to a report by Metro Finance Radio, Legislative Council member Johnny Ng remarked that Hong Kong has significant potential to develop stablecoins due to its status as an international financial center with a broad range of financial products and active digital asset licensing. Ng believes that Hong Kong can become a leading destination where innovative finance and the real economy converge, creating more entrepreneurial opportunities and attracting international investment.

Digital Yuan vs. Offshore RMB Stablecoins

While China already operates the Digital Yuan, which is a central bank digital currency (CBDC) issued and regulated by the People’s Bank of China (PBoC). Its usage is primarily domestic and tightly controlled within the onshore financial system.

In contrast, offshore RMB refers to Yuan held and traded outside of mainland China, particularly in global financial centers like Hong Kong and Singapore. Offshore RMB offers greater flexibility and is commonly used for international trade and cross-border settlements, free from some of the capital controls imposed within China.

China’s Evolving Approach to CBDCs and Stablecoins

China has been actively leveraging CBDCs to address cross-border payment challenges.

At the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the PBoC, highlighted that emerging technologies such as blockchain and distributed ledger systems have accelerated the development of both CBDCs and stablecoins. These innovations enable instant settlement at the point of payment, fundamentally reshaping traditional payment infrastructure and significantly shortening the cross-border payment process.

However, CBDC cross-border settlements typically adopt bilateral or multilateral structures, which face hurdles due to complex international regulatory requirements and diverse financial systems. This limits the scalability and rapid adoption of CBDC-based cross-border solutions.

Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, pointed out that many developing countries face challenges with currency stability and unreliable financial institutions, which can cause concerns for both payees and investors when using local currencies for payments.

“Stablecoins can offer an effective solution, serving as a payment tool that allows transactions in these countries and regions to proceed smoothly,” he explained.

Stablecoin Adoption and Regulation Across Asia

Real-world asset (RWA)-backed stablecoins and stablecoin adoption are rapidly emerging trends in Asia. According to CoinGecko, stablecoins now have a total market cap of $262.04 billion. Countries across Asia are actively working to establish stablecoin policies and regulatory frameworks to accommodate this growth.

Asia Countries:

• Japan: Parliament passed amendments to the Payment Services Act (PSA) in June 2022, effective June 2023, recognizing fiat-pegged stablecoins as digital money. In March 2025, Japan proposed expanding stablecoin reserve options, enforcing onshore crypto custody, and introducing regulated crypto brokers.

• Malaysia: Launched a digital asset regulatory sandbox called “Digital Asset Innovation Hub” in June 2025 to pilot ringgit-backed stablecoins, programmable money, and supply chain finance initiatives

• Philippines: A peso-backed stablecoin (PHPC) has successfully exited the Bangko Sentral ng Pilipinas sandbox and is gaining wider use in remittances and cross-border payments.

• Singapore: The Monetary Authority of Singapore finalized its stablecoin framework in 2023.

• South Korea: Legalizes KRW-pegged stablecoins via the Digital Asset Basic Act.

• Thailand: Thailand’s SEC added USDT and USDC to its list of approved cryptocurrencies in March 2025, allowing them to be traded on regulated platforms

• Vietnam: Comprehensive crypto laws will take effect by January 2026 to regulate digital assets.

Looking Forward

As Hong Kong advances its stablecoin regulatory framework, companies such as Nano Labs, JD.com, and Ant International have expressed interest in participating in the city’s developing digital asset landscape.

Across Asia, countries including Japan, Singapore, and the Philippines are introducing stablecoin policies aimed at balancing innovation with consumer protection and financial stability.

Asia is playing an increasingly important role in shaping the global development of stablecoin adoption and regulation.