Big Tech Eyes Stablecoins: Ant, JD, Xiaomi and More Enter the Race

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The global fintech landscape is undergoing a transformative shift as major technology players increasingly turn their attention to stablecoins. With Hong Kong’s Stablecoin Ordinance set to take effect on August 1, 2025, regulatory clarity is fueling a surge in strategic moves by leading firms. Ant Group, JD.com, Xiaomi, and others are actively positioning themselves in this emerging market, signaling a pivotal moment in the convergence of traditional finance and blockchain innovation.

Regulatory Catalyst: Hong Kong’s Stablecoin Ordinance

Hong Kong's upcoming Stablecoin Ordinance marks a significant milestone for digital asset regulation in Asia. The legislation mandates that any entity issuing fiat-backed stablecoins pegged to the Hong Kong dollar—whether within or outside Hong Kong—must obtain a license from the Hong Kong Monetary Authority (HKMA). Only licensed issuers will be permitted to offer stablecoins to retail investors, ensuring consumer protection and financial stability.

This clear regulatory framework has sparked interest among major financial and tech firms. By establishing a compliant pathway for stablecoin issuance, Hong Kong aims to solidify its position as a global hub for fintech and Web3 innovation.

👉 Discover how global tech leaders are shaping the future of digital finance.

Ant Group Advances Dual-Pronged Strategy

Ant Group, one of China’s most influential fintech giants, is making bold moves through two key subsidiaries: Ant International and Ant Digital Technologies.

Ant International, headquartered in Singapore and operating independently since 2024, confirmed it will apply for stablecoin licenses in both Hong Kong and Singapore once application channels open. The company emphasized its commitment to leveraging AI, blockchain, and stablecoin innovations for large-scale, real-world applications.

“We welcome the passage of the Stablecoin Bill by Hong Kong’s Legislative Council,” an Ant International spokesperson said. “We plan to submit our application promptly after the law takes effect on August 1, aiming to contribute to Hong Kong’s development as a future international financial center.”

Ant Digital Technologies, the tech commercialization arm of Ant Group, has also intensified its efforts. Since becoming an independent entity in April 2024 and establishing its overseas headquarters in Hong Kong, it has leveraged its extensive blockchain expertise—anchored in Ant Chain—to pioneer real-world asset tokenization (RWA) projects.

In August 2024, Ant Digital Technologies partnered with Langxin Group to complete China’s first RWA project based on new energy physical assets, valued at approximately RMB 100 million. This success underscores the potential of stablecoins and blockchain technology in transforming traditional asset management and cross-border transactions.

连连数字 Builds Dedicated Stablecoin Team

Another key player entering the stablecoin arena is LianLian Digital, a top-tier payment services provider with 65 payment licenses across global markets. In anticipation of the new regulatory environment, LianLian has established a dedicated task force to advance its stablecoin initiatives and explore practical use cases.

Notably, its wholly-owned subsidiary, DFX Labs Company Limited, obtained a Virtual Asset Trading Platform (VATP) license from the Hong Kong Securities and Futures Commission in December 2024. This regulatory approval positions LianLian to integrate stablecoin issuance with exchange operations, creating synergies that could strengthen its leadership in digital payments.

JD.com and Xiaomi Forge Strategic Alliances

JD.com has been equally proactive. Its Hong Kong-based subsidiary, JD Coin & Chain Technology, was named among the first participants in the HKMA’s stablecoin sandbox program in July 2024—alongside Standard Chartered and OSL Group.

JD Coin & Chain CEO Liu Peng revealed plans to develop mobile and desktop applications targeting both retail and institutional users. Initial testing will focus on cross-border payments, investment trading, and everyday retail transactions—core areas where stablecoins can offer faster settlement, lower costs, and greater transparency.

This move gained further traction when Mi Finance Bank (Tianxing Bank), Xiaomi’s licensed virtual bank in Hong Kong, announced a partnership with JD Coin & Chain to explore stablecoin integration. The collaboration highlights how tech-driven financial institutions are aligning to capture opportunities in Web3 and decentralized finance (DeFi).

Global Trends: Stablecoins Go Mainstream

While Asian tech giants ramp up their efforts, Western financial institutions are following suit. In the U.S., companies like PayPal and major banks are developing their own stablecoin solutions targeting cross-border remittances and institutional settlements.

Mastercard introduced a “stablecoin settlement” option for merchants in April 2025, signaling growing acceptance of blockchain-based payments in mainstream commerce. These developments reflect a broader trend: stablecoins are no longer niche instruments—they are becoming foundational components of modern financial infrastructure.

What Are Stablecoins?

Stablecoins are a class of cryptocurrency designed to minimize price volatility by being pegged to reserve assets such as fiat currencies (e.g., USD, HKD), commodities like gold, or algorithmic mechanisms. Unlike Bitcoin or Ethereum, which experience significant price swings, stablecoins maintain a relatively stable value.

This stability makes them ideal for:

Leading stablecoins include USDT (Tether), USDC (Circle), DAI (MakerDAO), and emerging players like USDE (Ethena).

Explosive Market Growth

The stablecoin market is expanding at an unprecedented pace. According to research from Guosen Securities and data from PANEWS, the total market capitalization of global stablecoins reached approximately **$246.38 billion** as of May 26, 2025—up nearly **49 times** from around $5 billion in 2019.

This explosive growth reflects rising institutional adoption, improved regulatory clarity, and increasing demand for efficient digital payment rails.

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Core Keywords

Frequently Asked Questions

Q: What is the Hong Kong Stablecoin Ordinance?
A: It’s a regulatory framework requiring any entity issuing HKD-pegged or fiat-backed stablecoins in or targeting Hong Kong to obtain a license from the HKMA. It takes effect on August 1, 2025.

Q: Why are big tech companies interested in stablecoins?
A: Stablecoins enable faster, cheaper cross-border payments, support Web3 ecosystems, and open new revenue streams in digital finance and asset tokenization.

Q: Can individuals buy stablecoins under the new Hong Kong rules?
A: Yes—but only those issued by licensed entities. The ordinance restricts retail sales to licensed stablecoins to protect consumers.

Q: How does RWA relate to stablecoins?
A: Real World Asset (RWA) tokenization involves representing physical assets like real estate or energy projects on blockchain. Stablecoins often serve as the transactional medium in these systems.

Q: Is Ant Group already issuing stablecoins?
A: Not publicly yet. However, Ant International plans to apply for licenses in Hong Kong and Singapore upon regulatory approval.

Q: What’s the difference between USDT and USDC?
A: Both are USD-pegged stablecoins. USDT is issued by Tether and has higher market share; USDC is issued by Circle and emphasizes regulatory compliance and transparency.

The race is on. As regulatory frameworks mature and technological capabilities advance, stablecoins are poised to become the backbone of next-generation financial systems—bridging traditional banking with blockchain innovation. With giants like Ant, JD, Xiaomi, and global players all vying for dominance, the next chapter of digital finance is being written now.

👉 Stay ahead of the curve—see how you can benefit from the stablecoin revolution today.