Hong Kong’s Stablecoin Ordinance Takes Effect This Week – Related Stocks Rally
As Hong Kong’s Stablecoin Ordinance officially takes effect this week, stablecoin-related stocks surged on Monday, attracting strong investor interest. By market close, Huaxing Capital Holdings rose over 16%, Guotai Junan International gained more than 9%, and OSL Group climbed nearly 5%.
Policy and market developments this year have made stablecoins a hot topic. While the first mainstream stablecoin, Tether (USDT), was launched as early as 2014, over 250 stablecoins were in circulation globally by June 2025. A primary market investment firm told reporters it is closely tracking stablecoin trends, calling them "a major future direction."
Stablecoin-Linked Stocks in Spotlight
Huaxing Capital Holdings soared intraday, peaking at an 18.62% gain before closing at HK$6.74 per share (+16.21%).
As a prolific investor in new-economy firms, Huaxing’s New Economy Fund participated in Circle’s funding round in 2018. The firm views stablecoins as a pivotal innovation in digital finance with vast potential, praising Circle’s technical edge, compliance rigor, and ecosystem-building prowess as key to its industry leadership.
In late June, Huaxing Capital announced a board resolution to enter Web3.0 and crypto asset sectors, approving a US$100 million budget over two years for related business development and investments. This move—seen as a major step into crypto—aligns with Hong Kong’s pro-Web3.0 policies to drive tech innovation.
OSL Group, Hong Kong’s first listed licensed digital asset platform, closed 4.67% higher at HK$17.94. On July 25, OSL completed a US$300 million equity financing—Asia’s largest public fundraising in digital assets—to fuel:
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Strategic acquisitions: Global expansion via licensing, M&A, and partnerships.
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New ventures: Payment/stablecoin solutions integrating fiat, stablecoins, and crypto for seamless cross-border transactions.
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Working capital: Strengthening competitive scale and reach.
Market Growth
The global stablecoin market continues rapid expansion, with total capitalization exceeding US$250 billion (8% of crypto’s total) by mid-June 2025—surpassing several emerging economies’ money supplies.
2024 saw US$37 trillion in stablecoin transactions, dwarfing Bitcoin’s US$19 trillion. This cements stablecoins’ evolution from crypto "bridges" to critical payment infrastructure with growing financial significance.
