The stablecoin narrative is gaining powerful traction in global financial markets, driven by regulatory clarity, institutional adoption, and technological innovation. On June 27, A-share stocks tied to the stablecoin concept extended their bullish momentum, with the sector index surging on increased volume. Multiple stocks approached or hit their daily trading limits, drawing intense investor attention. Shares like Hengbao Co., Jingbei North, Sifang Jinchuang, Zhongke Jincai, Hundsun Technologies, and Gel Software led the gains, reflecting strong capital appetite for digital asset-related equities.
This market enthusiasm isn’t speculative noise—it’s rooted in concrete developments, particularly Hong Kong’s accelerating digital asset regulatory framework. With the Hong Kong Stablecoin Ordinance set to take effect on August 1, market participants are positioning themselves ahead of the regulatory deadline. The countdown effect has amplified investor interest, as clarity breeds confidence in previously uncertain terrain.
👉 Discover how regulatory progress is unlocking new investment opportunities in digital assets.
Hong Kong’s Regulatory Leap: Licensing Paves the Way
A pivotal catalyst behind the rally is the recent upgrade of virtual asset trading licenses among Hong Kong brokerages. Firms such as Victory Securities and APAC Brokerage have successfully upgraded to Type 1 licenses, enabling them to legally offer virtual asset trading services. Major Chinese financial institutions like Guotai Junan International are also fast-tracking their compliance efforts to enter the space.
This licensing milestone is more than bureaucratic progress—it’s a structural enabler. It establishes a compliant pathway for traditional financial firms to engage with stablecoins and other digital assets, marking a significant step toward the convergence of conventional finance and blockchain-based ecosystems.
Hong Kong’s commitment was further reinforced by the release of the Hong Kong Digital Asset Development Policy Declaration 2.0 on June 26. Building on the original 2022 declaration, the updated policy reaffirms the government’s ambition to position Hong Kong as a global hub for digital asset innovation. Financial Secretary Paul Chan emphasized that the new framework balances innovation with prudent regulation, aiming to foster a vibrant digital asset ecosystem integrated with real-world economic activity.
The vision is clear: tokenize real-world assets, expand use cases across payments, finance, and identity, and cement Hong Kong’s status as a leading international financial center in the digital age.
Market Impact: From Policy to Performance
The policy momentum has directly translated into market performance. A-share companies with strong exposure to cross-border payment infrastructure and blockchain technology have become focal points for capital inflows.
Jingbei North, for example, has surged over 90% in a single month, powered by its expertise in blockchain-based cross-border settlement systems. Its technology aligns perfectly with the growing demand for efficient, compliant international transactions—a need that stablecoins are uniquely positioned to address.
Meanwhile, Hundsun Technologies, a leader in financial IT solutions, has seen its stock reach a two-year high. The company plays a critical role in building Hong Kong’s virtual asset infrastructure, supporting exchanges, custodians, and regulators with secure, scalable systems. As the ecosystem matures, such enablers stand to benefit disproportionately.
These gains reflect a broader trend: investors aren’t just betting on speculative tokens—they’re backing companies that provide the foundational technology for the digital asset economy.
The Bigger Picture: Stablecoins as Financial Infrastructure
Stablecoins are increasingly viewed not as niche crypto instruments but as core components of future financial infrastructure. According to CITIC Securities, stablecoins represent “one of the most important technological and financial innovations globally,” with long-term value in bridging fiat currencies and virtual economies. They anchor value for both physical and digital assets, enabling seamless exchange across platforms and borders.
Similarly,申万宏源 (Shenwan Hongyuan) highlights stablecoins’ role as relatively stable digital currencies that serve as stores of value, transaction media, and payment tools. More importantly, they act as a bridge between centralized and decentralized financial systems—facilitating interoperability in a fragmented financial landscape.
👉 Explore how stablecoins are reshaping the future of global payments and finance.
Global Implications: Monetary Systems and Financial Transformation
The rise of stablecoins extends beyond stock prices—it has profound implications for global finance.
As noted by Huatai Fixed Income Research, stablecoin development is beginning to reshape:
- Global monetary architecture: The U.S. dollar’s dominance may extend into blockchain networks via dollar-backed stablecoins, reinforcing its global reach. At the same time, open protocols create space for multi-polar currency systems.
- Banking and monetary policy: Traditional banks could see reduced deposit bases as users shift funds into yield-generating crypto accounts. Central banks may find monetary transmission mechanisms weakened.
- Capital controls: Stablecoins enable borderless value transfer, potentially undermining national capital controls.
- DeFi acceleration: Mature stablecoin ecosystems fuel decentralized finance growth, encouraging migration of traditional financial services—like lending and trading—onto blockchain platforms.
- Liquidity dynamics: The impact varies significantly between U.S. and non-U.S. economies, with emerging markets facing both opportunities and risks from dollarized digital currencies.
These shifts underscore why regulators and institutions are acting decisively. It’s no longer a question of if stablecoins will matter—but how soon and how deeply they’ll integrate into mainstream finance.
Frequently Asked Questions (FAQ)
Q: What are stablecoins?
A: Stablecoins are digital currencies designed to maintain a stable value by being pegged to reserve assets like the U.S. dollar, euro, or commodities. They combine the efficiency of cryptocurrencies with the stability of traditional money.
Q: Why is Hong Kong’s stablecoin regulation important?
A: Hong Kong’s regulatory framework provides legal clarity for issuers, investors, and financial institutions. By licensing virtual asset services and setting compliance standards, it creates a safe environment for innovation while protecting market integrity.
Q: How do stablecoins affect traditional banking?
A: Stablecoins can分流 deposits from banks to crypto platforms offering higher yields. They also enable faster cross-border payments, challenging traditional correspondent banking models.
Q: Are stablecoins safe investments?
A: While more stable than volatile cryptocurrencies like Bitcoin, they carry risks related to issuer solvency, regulatory changes, and smart contract vulnerabilities. Always conduct due diligence before investing.
Q: Which companies benefit from stablecoin growth?
A: Firms involved in blockchain infrastructure, cross-border payments, financial software (like Hundsun), and compliance solutions stand to gain as adoption grows.
Q: Will China adopt stablecoins widely?
A: While mainland China restricts private cryptocurrencies, Hong Kong operates under “One Country, Two Systems” and is actively building a regulated digital asset market. This makes it a strategic testing ground for stablecoin integration.
Conclusion: A New Financial Paradigm Emerging
The surge in stablecoin-related equities reflects more than short-term speculation—it signals growing confidence in a new financial paradigm. With supportive policies in Hong Kong, accelerating institutional participation, and robust technological underpinnings, stablecoins are transitioning from fringe experiments to mainstream financial tools.
For investors, developers, and policymakers alike, the message is clear: digital asset infrastructure is no longer optional—it’s foundational. As regulations solidify and use cases expand, the companies enabling this transformation will remain at the forefront of innovation and value creation.
Core Keywords: stablecoin, digital asset, Hong Kong regulation, blockchain technology, cross-border payments, cryptocurrency, financial innovation