Stablecoin Push in Hong Kong Could See Partnerships Between Chinese Tech Companies and Digital Banks

The global stablecoin sector is gaining momentum as new regulatory frameworks take effect across major markets, with Hong Kong positioning itself as a key player. Following the European Union’s MiCA legislation and the United States’ GENIUS Act signed into law in July, Hong Kong’s own Stablecoin Ordinance came into force earlier this month. The law allows only licensed institutions under the Hong Kong Monetary Authority (HKMA) to issue fiat-referenced stablecoins, creating a regulated path for future growth.

Chinese Tech Giants and Digital Banks

Chinese technology giants are expected to play a major part in this growth. Many of these companies are already shareholders in Hong Kong’s digital banks, formerly known as virtual banks, and are exploring stablecoin partnerships to strengthen their positions in cross-border payments and tokenized asset trading. By leveraging their extensive consumer and merchant networks, these companies could help digital banks overcome scale disadvantages while simultaneously unlocking new Web3 product opportunities such as crypto credit cards and settlement systems.

Futu Securities, one of Hong Kong’s leading fintech platforms, has already signaled its intention to support stablecoin adoption. Managing Director Tsang Yuk-chiu said the company will explore allowing users to hold stablecoins as account balances or investment assets, as well as assist in fiat clearing and settlement to facilitate stock purchases.

Expanding Payment Use Cases

Beyond capital markets, stablecoin usage may expand into everyday payments. From April 2026, Hong Kong taxis will be required to offer at least two cashless payment methods, and speculation has already emerged that stablecoins could be among the accepted options.

With regulatory clarity, strong demand for tokenized assets, and support from Chinese technology and financial giants, Hong Kong is emerging as a competitive hub in the global stablecoin race, positioning itself alongside markets such as the EU, Japan, and Singapore.