Stablecoin License Application: Chinese Tech Giants Entering the New Digital Finance Arena

Recently, two Chinese tech giants announced plans to apply for stablecoin licenses, attracting widespread attention in the industry. This move not only reflects the ambitions of companies in the digital asset space but also indicates the enormous potential of stablecoins in global payment and investment scenarios. This article will explore the reasons behind these two companies applying for stablecoin licenses and their far-reaching impact on the industry.

The Booming Development of the Stablecoin Market

Stablecoins, as a type of cryptocurrency pegged to fiat currencies or other assets, are favored by enterprises and institutions due to their low volatility and efficient cross-border payment capabilities. According to statistics, the total market value of global stablecoins has surpassed $250 billion in 2025, and it is expected to reach several trillion dollars by 2030. Hong Kong, as a financial center in Asia, launched a stablecoin regulatory framework in 2023, which will officially implement relevant regulations in August 2025, providing enterprises with a clear compliance path.

These two tech giants have seized this opportunity, trying to capture a new track in digital finance through stablecoin licenses. Stablecoins not only optimize the efficiency of cross-border payments but also provide businesses with new sources of income, such as interest earnings on reserve assets.

New Breakthrough in Cross-Border Payments

One company has taken the lead in entering the Hong Kong stablecoin regulatory sandbox through its subsidiary, testing scenarios such as cross-border payments and investment transactions. This strategy is closely related to its e-commerce ecosystem. As China's leading e-commerce platform, the company has a huge supply chain and cross-border e-commerce business, and stablecoins can significantly reduce the cost and time of cross-border transactions. For example, stablecoins can achieve real-time settlement, addressing the delay issues in cross-border payments within the traditional banking system.

In addition, the company has a strong accumulation of blockchain technology. Its self-developed blockchain platform has been applied in supply chain finance and logistics tracking, and applying for a stablecoin license is a natural step in the extension of technology. This layout may also be linked to its internationalization strategy, enhancing competitiveness in markets such as Southeast Asia through stablecoins.

The New Chessboard of Global Payment Networks

Another tech giant, as the parent company of China's largest mobile payment platform, covers over 1 billion users. Its international business subsidiary and blockchain business subsidiary plan to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg. This layout is closely tied to its global payment strategy. The company's leading position in the cross-border payment sector creates an urgent need for more efficient tools, and stablecoins are seen as an ideal solution to the pain points of cross-chain and cross-currency payments.

The company continues to make efforts in blockchain technology. The network it has developed can serve as a settlement layer for stablecoin transactions, further enhancing efficiency. In addition, the company's collaboration with international banks indicates its exploration in reserve management and blockchain platforms, laying the foundation for the issuance of stablecoins.

Dual Drivers of Regulation and Market

Behind the competition between these two companies to apply for stablecoin licenses, there are both regulatory environment incentives and market demand drivers. The relevant regulations in Hong Kong provide companies with a clear compliance framework, reducing the risks of entering the digital asset market. At the same time, the global demand for stablecoins has surged, especially in institutional adoption and cross-border payment scenarios.

In addition, Chinese companies' cautious attitude towards digital assets is changing. Although mainland China has restrictive policies on cryptocurrencies, Hong Kong's special status as an international financial center provides a testing ground for businesses. The actions of these two companies indicate that they wish to carve out a space for themselves in the global digital financial market through a compliant path.

Industry Impact and Future Outlook

The stablecoin layouts of these two tech giants will have a profound impact on the digital financial ecosystem. Firstly, this will promote the acceptance of stablecoins in mainstream finance, accelerating their transformation from cryptocurrency trading tools to everyday payment means. Secondly, the entry of these two giants may trigger more tech companies to follow suit, forming a new competitive landscape in the industry.

In the future, with the improvement of regulatory frameworks in places like Hong Kong and Singapore, the stablecoin market will welcome more innovative applications, such as supply chain finance, asset tokenization, and cross-border investments. These two companies, with their technological accumulation and user base, are expected to become leaders in this field. However, challenges still exist, including compliance costs, technology integration, and uncertainties in global regulatory coordination.

Conclusion

The strategic layout of these two Chinese tech giants applying for stablecoin licenses is an important step for them in the digital finance field. Leveraging the regulatory advantages of places like Hong Kong and the growth potential of the global stablecoin market, these companies are accelerating the construction of a blockchain-centric financial ecosystem. Whether it's empowering cross-border e-commerce or pursuing global payment ambitions, stablecoins will become a key lever for them to unlock the future. This race in digital finance has just begun and is worth ongoing attention.