Chinese technology giants compete for stablecoin licenses, positioning themselves in the new global digital finance track.

Chinese tech giants are competing to enter the stablecoin market

Recently, two Chinese tech giants announced plans to apply for stablecoin licenses, attracting widespread attention in the market. This move not only reflects the ambitions of Chinese companies in the digital asset space but also signals the immense potential of stablecoins in global payment and investment scenarios. This article will explore the reasons behind these two companies' applications for stablecoin licenses and their far-reaching impact on the industry.

The booming development of the stablecoin market

Stablecoins, as a type of cryptocurrency linked to the value of fiat currencies or other assets, are favored by businesses and institutions due to their low volatility and efficient cross-border payment capabilities. According to statistics, the total market value of global stablecoins surpassed $250 billion in 2025 and 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 new ground in digital finance through stablecoin licenses. Stablecoins can not only optimize cross-border payment efficiency but also provide businesses with new sources of income, such as interest earnings on reserve assets.

E-commerce giant: Deepening 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 enable real-time settlement, addressing the delay issues of cross-border payments in the traditional banking system.

In addition, the company has a deep accumulation of blockchain technology. Its self-developed blockchain platform has been applied to supply chain finance and logistics tracking, and applying for a stablecoin license is a natural step in the extension of technology. The company's layout may also be linked to its internationalization strategy, enhancing competitiveness in markets such as Southeast Asia through stablecoins.

Payment Giants: A New Chessboard with a Global Perspective

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

The company is also continuously strengthening its efforts in blockchain technology. Its self-developed network can serve as a settlement layer for stablecoin transactions, further enhancing efficiency. In addition, the company's collaborations with major international banks indicate its exploration in reserve management and blockchain platforms, laying the foundation for the issuance of stablecoins.

Joint Drive: 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. At the same time, global demand for stablecoins has surged, especially in institutional adoption and cross-border payment scenarios.

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

Industry Impact and Future Outlook

The stablecoin布局 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 cryptocurrency trading tools to everyday payment means. Second, 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 like 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 Chinese tech giants applying for stablecoin licenses is an important step for them in the digital finance sector. Leveraging the regulatory advantages of places like Hong Kong and the growth potential of the global stablecoin market, the two companies are accelerating the construction of a blockchain-centric financial ecosystem. Whether empowering cross-border e-commerce or pursuing ambitions in global payments, stablecoins will become a key lever for them to unlock the future. This race in digital finance has just begun and is worth ongoing attention.