Tech giants compete for stablecoin licenses to layout a new track in digital finance.

Stablecoin License Application: Tech Giants' New Digital Finance Layout

Recently, two Chinese tech giants announced plans to apply for stablecoin licenses, attracting widespread attention in the market. This move not only reflects the companies' ambitions in the digital asset space but also signals the 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 significance for the industry.

The boom of stablecoins and market opportunities

Stablecoins are a type of cryptocurrency that is pegged to the value of fiat currencies or other assets. They are favored by businesses and institutions due to their low volatility and efficient cross-border payment capabilities. Reports indicate that the global stablecoin market capitalization surpassed $250 billion in 2025, and it is expected to reach between $1.6 trillion and $3.7 trillion by 2030. Hong Kong, as a financial center in Asia, launched a stablecoin regulatory framework in 2023 and will officially implement the "Stablecoin Ordinance" in August 2025, providing businesses with a clear compliance path.

These two tech giants have seized this opportunity, attempting to capture the new digital finance track through stablecoin licenses. Stablecoins can not only optimize cross-border payment efficiency but also provide businesses with new sources of revenue, such as interest income from reserve assets.

E-commerce giant: Take the lead and deepen cross-border payments

One of the companies was the first to enter the Hong Kong stablecoin regulatory sandbox through its subsidiary, testing scenarios such as cross-border payments and investment transactions. The company's strategy is closely related to its e-commerce ecosystem. As a leading e-commerce platform in China, the company has a large 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 enable real-time settlement, addressing the delay issues of cross-border payments in 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 extension of its technology. The company's layout may also be linked to its internationalization strategy, enhancing its competitiveness in markets such as Southeast Asia through stablecoins.

Payment Giants: A Global Perspective, The New Chessboard of Payment Giants

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

The company continues to make efforts in blockchain technology. Its self-developed blockchain network 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 issuing stablecoins.

Joint Driving: Dual Benefits from Regulation and Market

Behind the competition between these two companies to apply for stablecoin licenses lies both the push of the regulatory environment and the drive of market demand. Hong Kong's "Stablecoin Regulation" provides companies with a clear compliance framework, reducing the risks of entering the digital asset market. Meanwhile, global demand for stablecoins has surged, especially in institutional adoption and cross-border payment scenarios. For example, a well-known stablecoin processed $850 billion in on-chain transactions in 2024, demonstrating the immense potential of stablecoins.

In addition, Chinese companies' cautious attitude towards digital assets is changing. Although mainland China has a restrictive policy on cryptocurrencies, Hong Kong's unique position as an international financial center provides a testing ground for businesses. The actions of these two companies indicate that they wish to secure a place in the global digital financial market through a compliance path.

Industry Impact and Future Outlook

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

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

Conclusion

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