JD.com and Ant Group Struggle to Secure Hong Kong Stablecoin Licenses Amid Tightened Regulation

JD.com and Ant Group are encountering difficulties in securing licenses for stablecoin operations in Hong Kong, as the regulatory environment tightens and competition intensifies. The Hong Kong Monetary Authority (HKMA) has limited the number of licenses to fewer than ten entities, creating a highly competitive landscape that favors existing financial infrastructure players and those with regulatory experience [1][2]. Both companies are attempting to position themselves in this new market, with JD.com's JD Coinlink Technology already filing trademarks for stablecoin-related services, and Ant Group pursuing licenses in multiple jurisdictions [3].

The strategic value of early licensing is significant, as initial licensees are expected to play a pivotal role in shaping stablecoin infrastructure across the Asia-Pacific region. JD.com has emphasized its ambition to secure licenses in major currency zones globally, envisioning a future where local stablecoins can facilitate seamless international payments [3]. Meanwhile, Ant Group, through Ant International and Ant Digits, also announced its intent to apply for licenses in June 2025, though the time and effort required to meet compliance standards present a clear hurdle [3].

Hong Kong’s regulatory approach mirrors its previous selective licensing strategy for virtual assets, prioritizing established brands and entities with strong financial backing [3]. This model raises the bar for smaller players, particularly with a capital requirement of HKD 25 million for non-bank institutions, potentially leading to a more concentrated market dominated by large corporations [3]. The regulatory focus on transparency, reserve soundness, and real-world use cases—such as cross-border payments and investment trading—aligns with global trends like the U.S. GENIUS Act and the EU’s MiCA framework, though Hong Kong is tailoring its approach to emphasize peg flexibility and local utility [3].

Meanwhile, geopolitical factors are accelerating the development of stablecoin regulations across Asia. U.S. President Trump’s advocacy for dollar-pegged stablecoins has encouraged countries like South Korea and Hong Kong to fast-track their regulatory strategies [4]. In this environment, traditional enterprises are increasingly positioning themselves as key players in the digital asset space. Both JD.com and Ant Group are leveraging stablecoin initiatives to enhance global corporate foreign exchange efficiency and cross-border payment systems [3].

The broader stablecoin market is also evolving, with USDT and USDC collectively dominating 87% of the market. However, the emergence of synthetic stablecoins, such as USDe, is beginning to introduce structural diversity [3]. As regulatory scrutiny increases, stablecoin offerings are expected to be further differentiated based on reserve transparency and real-world application viability.

For JD.com and Ant Group, the ability to navigate Hong Kong’s regulatory landscape and align with global standards will be crucial. Any delays in obtaining licenses could hinder their ability to launch stablecoin operations at scale before more advanced competitors. The success of their stablecoin strategies will depend on demonstrating compliance, utility, and long-term sustainability in the evolving digital financial ecosystem [1][2][3].

Source: [1] MEXC. Sources: JD.com and Ant may not appear on the first batch of Hong Kong stablecoin licenses. https://www.mexc.com/news/sources-jd-com-and-ant-may-not-appear-on-the-first-batch-of-hong-kong-stablecoin-licenses/63521

[2] Bitget. Caixin: Sources say JD.com and Ant may have difficulty.... https://www.bitget.com/news/detail/12560604892874

[3] MEXC. Hong Kong Stablecoin Ordinance Takes Effect, Why Do.... https://www.mexc.com/news/hong-kong-stablecoin-ordinance-takes-effect-why-do-concept-stocks-fall-collectively/63503

[4] Times. Trump push drives stablecoin urgency in Asian financial hubs. https://timesofindia.indiatimes.com/business/international-business/trump-push-drives-stablecoin-urgency-in-asian-financial-hubs/articleshow/123069105.cms

[5] TokenPocket. DAppStore. https://www.tp.xyz/en/dappstore?category=Trend&category_id=99998