Hong Kong's Stablecoin Ordinance Drives 2025 Asset Tokenization Shift

CITIC has highlighted the increasing importance of stablecoin compliance and the acceleration of real-world asset (RWA) tokenization, particularly in Hong Kong. The regulatory frameworks in Hong Kong and the US are driving this shift, which was announced in July 2025. This trend emphasizes the growing significance of asset tokenization in the financial markets.

CITIC's focus on stablecoin compliance underscores its impact on the industry, especially with the new Hong Kong Stablecoin Ordinance. This ordinance, effective from May 2025, introduces a comprehensive licensing regime for fiat-backed stablecoins. It includes requirements for minimum registered capital and fiat reserves, supporting RWA tokenization and aiming to enhance liquidity and efficiency in financial markets.

Industries such as financial IT and digital currency infrastructure are expected to benefit from this ordinance. The legislation focuses on fiat-backed stablecoins, impacting Ethereum and Layer 1 blockchains, which are crucial for RWA platforms. The ordinance is anticipated to influence global stablecoin compliance standards, driving market transparency and liquidity.

According to the report, the global regulatory framework for stablecoins is rapidly taking shape, with the market's focus expanding from cross-border payments to asset tokenization. This transition is driven by the core values of liquidity release and improved settlement efficiency. The report emphasizes that the current market dynamics are propelling the industry towards an "equity era" of asset tokenization, characterized by the transformation of traditional assets into digital tokens.

The acceleration in stablecoin compliance is seen as a pivotal factor in this transition, providing a stable and regulated foundation for the tokenization of various assets. The enhanced liquidity and settlement efficiency brought about by asset tokenization are key drivers of this shift. By tokenizing assets, investors and institutions can access new markets and opportunities, while also benefiting from the transparency and security offered by blockchain technology.

This trend is expected to continue as more regulatory frameworks are established and adopted globally. The report concludes that the accelerating compliance of stablecoins and the subsequent tokenization of assets represent a significant opportunity for the financial industry. As the regulatory landscape becomes more defined, the potential for innovation and growth in the digital asset space is substantial. Stakeholders are encouraged to stay informed and adapt to these changes to capitalize on the emerging opportunities in the asset tokenization market.