国泰君安国际：First-Mover in Full-Chain Virtual Asset Services Fuels Stablecoin Market Growth

The global financial landscape is undergoing a transformative shift, and at the heart of this evolution lies the rapid expansion of virtual assets—particularly stablecoins. A recent milestone in this space was marked by Guotai Junan International Holdings Limited (01788.HK), which has become the first and only Chinese-funded securities firm in Hong Kong to receive regulatory approval from the Securities and Futures Commission (SFC) to upgrade its Type 1 license. This enhancement now allows the firm to offer virtual asset trading services and provide advice based on such transactions, including major cryptocurrencies like Bitcoin, Ethereum, and the widely used stablecoin Tether (USDT).

This strategic move isn’t just a regulatory win—it represents a pivotal integration of digital assets into mainstream finance, positioning Guotai Junan International as a trailblazer in bridging traditional capital markets with the emerging blockchain economy.

👉 Discover how full-chain virtual asset platforms are reshaping investment strategies in 2025.

Explosive Growth in the Global Stablecoin Market

The timing of Guotai Junan International’s license upgrade couldn’t be more strategic. The global stablecoin market is experiencing exponential growth, with a compound annual growth rate (CAGR) exceeding 100% since 2020. From a modest $5 billion in 2020, the market has surged to over **$247 billion by mid-2025**, establishing stablecoins as one of the most dynamic sectors in digital finance.

Stablecoins serve as a critical bridge between fiat currencies and decentralized ecosystems. Their value is typically pegged 1:1 to reserve assets like the U.S. dollar or, increasingly, the Hong Kong dollar—offering price stability, transparency, and cross-border efficiency. These attributes make them ideal for use in:

• Cross-border remittances
• On-chain settlements
• Trade finance
• Debt servicing
• Decentralized finance (DeFi) applications

This "on-chain fiat" model leverages distributed ledger technology (DLT) to ensure tamper-resistant transaction records while maintaining the trust associated with sovereign currencies.

Regulatory clarity has been a key catalyst for adoption. In 2025, major jurisdictions advanced comprehensive frameworks:

• Hong Kong launched its ASPIRe roadmap in February, outlining a structured plan for virtual asset ecosystem development.
• On May 21, the Stablecoin Bill was introduced, creating the world’s first comprehensive regulatory framework for fiat-backed stablecoins.
• The U.S. Senate followed closely with its own stablecoin legislation.
• Meanwhile, the EU’s MiCA regulation and Singapore’s licensing regime are set for full enforcement in 2026.

These developments have significantly reduced uncertainty, encouraging institutional participation and legitimizing stablecoins as a core component of modern financial infrastructure.

Hong Kong’s Strategic Role in RMB Digitalization

Amid global discussions on de-dollarization, Hong Kong is emerging as a strategic hub for the digitalization of the Renminbi (RMB). As an international financial center with deep ties to mainland China and open-market principles, Hong Kong is uniquely positioned to develop offshore RMB-backed stablecoins.

Such digital instruments could revolutionize cross-border trade, streamline capital flows for Chinese enterprises, and expand the reach of digital yuan (e-CNY) beyond domestic borders. By integrating stablecoin solutions into its services, Guotai Junan International supports this broader vision—helping position Hong Kong as a launchpad for RMB internationalization in the digital age.

The Only Chinese-Funded Broker with Full-Chain Virtual Asset Capabilities

What sets Guotai Junan International apart is not just early adoption—but end-to-end service integration. It is now the only Chinese-funded securities firm in Hong Kong offering a complete suite of virtual asset-related services across trading, advisory, issuance, and distribution.

A Strategic Timeline of First-Mover Moves

The firm’s journey reflects a deliberate alignment with Hong Kong’s evolving regulatory landscape:

• 2022: Positioned early following positive policy signals from the Hong Kong government.
• 2023: Responded swiftly after SFC announced formal licensing rules.
• 2024: Became the first in Hong Kong to launch structured products based on spot crypto ETFs, acting as distributor and agent for virtual asset funds and futures.
• Also obtained SFC Type 5 license (introducing broker for VASP platforms).
• 2025: Upgraded to SFC Type 3 license, enabling direct virtual asset trading within integrated client accounts.

This progression demonstrates more than opportunism—it reflects a systemic strategy embedded within Hong Kong’s regulatory architecture.

Full-Chain Service Ecosystem: A Competitive Moat

Under the SFC classification, virtual asset activities include:

• Operating a VASP (Virtual Asset Service Provider)
• Managing portfolios with >10% virtual assets
• Offering VAs in composite accounts (Type 3)
• Providing investment advice on VAs (Type 4)
• Acting as introducing agent (Type 5)

Guotai Junan International now holds both Type 3 (trading) and Type 5 (introducing agent) licenses—enabling it to offer:

✅ Direct crypto trading (BTC, ETH, USDT)
✅ Advisory services on virtual assets
✅ Distribution of tokenized securities
✅ Structured products linked to spot ETFs
✅ OTC derivatives
✅ Digital bond issuance

No other mainland-affiliated broker in Hong Kong offers this breadth. For example:

• TF International holds Type 3 but not Type 5—limiting its ability to connect clients to full exchange ecosystems.
• Major players like the “Three Zhongs and One Hua” have yet to announce similar comprehensive capabilities.

👉 See how integrated virtual asset trading is transforming investor portfolios in Asia.

Why This Matters: From Niche Experiment to Financial Infrastructure

Analysts view this development as more than a corporate achievement—it’s a watershed moment for Hong Kong’s financial evolution. Guotai Junan International’s move signals that virtual assets are no longer fringe experiments but are being integrated into core financial operations by regulated institutions.

Key implications include:

• Enhanced legitimacy: Traditional brokers offering crypto trading increase public trust in digital assets.
• Seamless access: Investors can now trade Bitcoin alongside stocks and bonds within a single, regulated account.
• Institutional-grade compliance: All transactions adhere to AML/KYC standards and SFC oversight.
• Diversified product offerings: From ETFs to digital bonds, clients gain access to next-generation financial instruments.

This shift aligns perfectly with Hong Kong’s ASPIRe roadmap, which aims to attract global capital and talent into its digital asset ecosystem. With Guotai Junan International leading the charge among Chinese-funded firms, the city strengthens its bid to become a premier global digital finance hub.

Frequently Asked Questions (FAQ)

Q: What virtual assets can I trade through Guotai Junan International?
A: Eligible clients can trade major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with potential expansion to other SFC-approved tokens in the future.

Q: Is trading crypto through a traditional broker safer than using exchanges?
A: Yes. Brokers like Guotai Junan International operate under strict SFC regulations, offering enhanced investor protection, transparent custody solutions, and integration with existing securities accounts—reducing counterparty risk.

Q: How does the Type 3 license differ from other crypto licenses?
A: The SFC Type 3 license allows firms to provide advice on leveraged foreign exchange and, now, virtual asset trading. Combined with Type 5, it enables full-service brokerage within a regulated environment.

Q: Can retail investors access these services?
A: Currently, access may be limited to professional or accredited investors depending on risk profiles and regulatory requirements. Retail availability could expand as market maturity increases.

Q: What role do stablecoins play in institutional finance?
A: Stablecoins enable faster settlement, lower transaction costs, and programmable payments—making them ideal for cross-border trade, remittances, and DeFi integrations.

Q: Will RMB-backed stablecoins become widely adopted?
A: With Hong Kong advancing offshore RMB digitization and growing demand for non-dollar alternatives, RMB stablecoins are poised for significant growth—especially in trade and emerging markets.

👉 Explore how regulated platforms are driving the next wave of crypto adoption.

Conclusion: A New Era of Integrated Finance

Guotai Junan International’s license upgrade is more than a business milestone—it’s a symbol of convergence between traditional finance and blockchain innovation. By becoming the first Chinese-funded broker in Hong Kong to offer full-chain virtual asset services, it has set a new benchmark for institutional participation.

As regulatory frameworks mature and demand for digital assets grows, firms that combine compliance, innovation, and comprehensive service offerings will lead the next phase of financial transformation. Guotai Junan International isn’t just keeping pace—it’s helping define the future of finance in Asia and beyond.

Core Keywords: stablecoin market, virtual asset trading, SFC license, Guotai Junan International, Hong Kong fintech, Type 3 license, digital finance, RMB stablecoin