The global stablecoin market is experiencing unprecedented growth, driven by accelerating regulatory frameworks and the formal enactment of Hong Kong's Stablecoin Ordinance. Virtual assets, particularly stablecoins, are reshaping financial ecosystems, offering new opportunities for investors and businesses alike.
Hong Kong’s Policy Declaration 2.0 on Digital Asset Development underscores the government's commitment to advancing tokenization and diversifying application scenarios. With regulatory approval for virtual asset trading licenses and oversight from the Hong Kong Monetary Authority (HKMA), stablecoins and digital港元 are gaining traction in payment systems.
This article provides an in-depth analysis of ten A-share companies leading the stablecoin and virtual asset revolution, offering valuable insights for investors.
1. Infrastructure Leader: Full-Chain Stablecoin Solutions
A key participant in HKMA’s Project Ensemble Sandbox, this company spearheads cross-border CBDC clearing via the mBridge initiative, spanning 11 countries. Its proprietary FINNOSafe platform facilitates compliant stablecoin issuance, potentially generating HKD 2.5+ billion annually (30% of projected 2024 revenue).
Key Advantages:
- Regulatory-compliant issuance infrastructure.
- Scalable transaction fee model.
2. Hengbao Co.: Hardware Security Module Innovator
Hengbao develops Hardware Security Modules (HSM) for offline wallet signatures and key management, ensuring stablecoin security. Its integration of quantum encryption positions it at the forefront of next-gen cybersecurity.
Growth Drivers:
- National encryption standards adoption.
- Blockchain and digital wallet advancements.
3. Royalpay: Digital Currency R&D Pioneer
Royalpay’s dedicated Digital Currency R&D Center focuses on wallet technology and asset circulation. Its early-mover advantage has spurred significant market interest, with stock prices reflecting investor confidence.
Market Potential:
- Cross-border payment solutions.
- Hardware/software wallet integration.
4. Hyunion Group: Cross-Border Payment Specialist
Hyunion holds an MSO license and facilitates blockchain-powered stablecoin transactions for JD Coin. Its subsidiary, UMF, supports real-time USDT/HKD conversions, capturing 18% of Southeast Asia’s remittance market.
Key Milestones:
- Participation in CBDC Bridge Project.
- Partnerships with e-commerce giants.
5. Lakala: Cross-Border Payment Leader
As China’s sole fully licensed cross-border payment provider, Lakala enables stablecoin POS transactions via 5 million terminals integrated with CIPS. Collaboration with JD.com tests retail applications, with HKD 200 million revenue projected by 2025.
Unique Edge:
- Instant settlement capabilities.
- Offline QR-code payments.
6. Newland Digital: Global Payment Terminal Supplier
Newland’s smart POS systems support 38 currencies across 120 countries, positioning it as a leader in stablecoin-compatible terminals. Its partnership with Ant Group in RWA tokenization aligns with HKMA standards.
Market Outlook:
- Expansion in merchant adoption.
- Integration with stablecoin liquidity pools.
7. GCL Energy: Green Asset Tokenization
GCL pioneered China’s first solar RWA tokenization, raising HKD 200 million through distributed光伏收益代币. Its sandbox participation accelerates stablecoin adoption in renewable energy financing.
Innovation Highlights:
- 27-month asset securitization cycle.
- Blockchain-enabled收益拆分.
8. Xiongdi Tech: Identity Verification Leader
Xiongdi’s dual-track authentication system supports CBDC and stablecoins. Its FIDO-certified blockchain identity protocols serve HKMA pilots, with 39% market share in encryption devices.
Regulatory Edge:
- Compliance-ready KYC solutions.
- Hardware security dominance.
9. Hope Group: RWA Standardization Advocate
Hope contributes to RWA规范, exploring stablecoin use cases in asset tokenization. Its technical groundwork may unlock new liquidity avenues for real-world assets.
10. Kingsoft: Clearing Services Provider
Kingsoft’s affiliate offers清算服务 for stablecoin transactions, ensuring seamless settlement. As market volume grows, demand for its solutions will rise.
FAQs
1. What are stablecoins?
Stablecoins are digital assets pegged to stable reserves (e.g., fiat currencies), offering reduced volatility compared to cryptocurrencies like Bitcoin.
2. How does Hong Kong regulate stablecoins?
The Stablecoin Ordinance mandates issuer licensing, reserve audits, and HKMA oversight to ensure transparency and stability.
3. Which industries benefit most from stablecoins?
Cross-border payments, DeFi, and asset tokenization (e.g., real estate, renewables) are primary adopters.
4. What risks do stablecoins pose?
Regulatory shifts, reserve mismanagement, and tech failures are key risks. Investors should assess compliance and issuer credibility.
5. Can stablecoins replace traditional banking?
While enhancing efficiency, stablecoins currently complement—not replace—banks, especially in remittances and microtransactions.
6. How do RWAs integrate with stablecoins?
Tokenized assets (e.g., solar farms) use stablecoins for fractional ownership and liquidity, as seen in GCL’s model.
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Disclaimer: This analysis is for informational purposes only. Investors should conduct independent research and consult financial advisors. Market risks apply.