Ant International & JD.COM are making moves — and Hong Kong is at the center of it.
Latest Moves from Ant International & JD.COM
Ant Group's international arm just confirmed it plans to apply for stablecoin licenses in both Hong Kong and Singapore, pledging to submit applications “as soon as local regulatory channels open.” The news immediately sparked market reactions — Hong Kong-listed Yunfeng Financial (00376.HK), tied to the “Ant Financial concept,” surged up to 98% intraday. Meanwhile, JD Technology's Hong Kong subsidiary, Coinlink, has already entered Phase 2 of the HKMA's sandbox for stablecoin issuers — focusing on testing a HKD-pegged stablecoin in cross-border payments and retail use cases.
The license race is quietly underway — and Hong Kong is becoming a key battleground attracting major Web2 players into Web3 infrastructure.
Stablecoins as the Next-Gen Financial Rails?
Whether it's Alipay's massive payments network or JD's robust supply chain and e-commerce ecosystem, these companies already have the user base and real-world application scenarios.If stablecoins are successfully integrated, they could reshape how digital assets are used in payments, consumption, and cross-border settlement. This is not just about issuing coins — it's a real-world rehearsal of how Web2 giants plug into Web3 rails.
Hong Kong's Regulatory Edge
With the Stablecoin Ordinance set to take effect on August 1, 2025, Hong Kong is poised to become one of Asia's first jurisdictions with a clear licensing framework for fiat-referenced stablecoins. From issuance and reserves to circulation, the new rules are paving the way for traditional enterprises like Ant and JD to enter the Web3 financial infrastructure game legally and confidently.
The Competition Is Just Getting Started
As stablecoin regulation accelerates globally, Asia is emerging as the new frontier — with Hong Kong and Singapore leading the charge. We're witnessing a reshaping of the landscape: Web2 financial giants vs. Web3-native innovators. The question is: who will define the future standards for stablecoins?
What's your take?
- Will Ant and JD's entry open the floodgates for more Web2 players to explore stablecoins?
- Can Hong Kong maintain its momentum and become Asia's go-to hub for compliant Web3 finance?
